On April 29, Jerome Powell, the former chair of the United States Federal Reserve, announced he would remain on the Board of Governors until at least January 2028. Despite ongoing friction between Powell and crypto markets over interest rates, Powell's tenure was seen as significant wins for the industry, including allowing U.S. banks to provide services to cryptocurrency companies as long as they comply with established risk management and consumer protection standards. The Fed also removed "reputational risk" from its bank supervision framework. However, Benjamin Cowen, the analyst who correctly predicted a 2021 crypto market crash, has warned that if the Federal Reserve loses its independence, it could erode trust in the entire financial system.