The Federal Reserve, led by Jerome Powell, has said it will not stop banks from working with legal Bitcoin and crypto businesses.

Before this, crypto was not illegal, but many banks were afraid to serve crypto companies because of regulatory pressure. This made it hard for crypto firms to access normal banking services.

Now that pressure has eased.

Banks can hold crypto for clients, do transactions with crypto companies, and build crypto-related products, as long as they follow the rules.

For crypto markets, this matters because banks help money move. When banks are allowed to participate, institutional adoption becomes easier and liquidity improves.

Simply put:

The Fed did not endorse crypto.
It removed a major barrier.

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