Federal Reserve Chairman Jerome Powell stated on Tuesday in response to questions about the cryptocurrency industry being shut out of banking services that it is time to "re-examine" the issue of de banking.

At the Senate Banking Committee hearing, committee chairman Tim Scott asked Ball if he was willing to work with him to ensure that financial rules would not "impose burdens beyond what is necessary.

I promise to work with you to address this issue, and we will indeed strive to avoid excessive burden. To be honest, I think it is reasonable to re-examine the issue of de banking. "Bauer added," We did not intend to do so, but sometimes regulation can lead to such situations, so we need to work hard in this area

Scott also asked Ball if he agreed to work with lawmakers to terminate the de banking action, and Ball agreed.

Last week, the US Senate held a hearing on the so-called "Choke Point 2.0" crackdown on cryptocurrency customers from banks. Nathan McCauley, CEO of Anchorage Digital, a federally licensed cryptocurrency bank, stated that the company had been cut off from its banking partners due to regulatory pressure and pointed out that this phenomenon is extremely common in the industry. Travis Hill, acting chairman of the Federal Deposit Insurance Corporation (FDIC), stated during the hearing that the agency is comprehensively reforming its regulatory approach to digital assets.

In the follow-up discussion of the Senate hearing, Bauer expressed his shock at the widespread extent of the de banking phenomenon. He said:

I must say that I am deeply surprised. My colleagues and I are all shocked by the increasing number of suspected cases of de banking, and we are determined to re-examine this issue

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