Fed’s Barr: Crypto banking allowed if risks managed

Michael Barr, the outgoing Federal Reserve Vice Chair for Supervision, discussed crypto banking and debanking concerns at the Council on Foreign Relations. He stated the Fed maintains a neutral stance on banks engaging in crypto, provided they follow risk management, consumer protection and anti-money laundering laws. Barr emphasized, "If you do it right, you can do it. If you don't, you shouldn’t." He also noted he has not seen evidence of customers being debanked for political views. Barr steps down on Feb. 28 but remains on the Fed Board until 2032, Fox Business reporter Eleanor Terrett reported on X.