According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements.Crypto bank Custodia has been denied membership in the United States Federal Reserve System. In an announcement dated Jan. 27, the Federal Reserve Board explained that the application, as submitted by the company, is “inconsistent with the required factors under the law.
The firm’s novel business model and proposed focus on crypto-assets presented significant safety and soundness risks. “In light of these and other concerns, the firm’s application as submitted was inconsistent with the factors the Board is required to evaluate by law,” the body concluded in the statement, adding that the order will be released following a review for confidential information.
Custodia offered a safe, federally-regulated, solvent alternative to the reckless speculators and grifters of crypto that penetrated the U.S. banking system, with disastrous results for some banks.
Source: News Formal (newsformal.com)
This news comes as a surprise, but isn't a death knell for Bitcoin as a store of value and payment option. We're determined to hodl!
The know a rugpull when they see one!
Yeah
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It's a pity! Yet crypto is a powerful alternative to traditional banking, offering greater decentralisation and freedom to access financial services.
It's a shame that Digitalasset wasn't accepted into the Federal Reserve System, but it doesn't impact Bitcoin's potential as a future of money. HODL.
Save a young man's life. Please buy DAR coins. I beg you....😭
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Fed denies Custodia Bank application to join the Federal Reserve SystemThe U.S. Federal Reserve Board has rejected the application of digital asset bank Custodia for membership in the Federal Reserve System. In its announcement, the Fed stated that the application was “inconsistent with the required factors under the law.” It also claimed Custodia had an “insufficient” management framework and cited an earlier joint declaration by the Fed...
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Custodia Bank Denied Federal Reserve System MembershipThe Federal Reserve Board has denied custodiabank’s membership application, claiming Custodia’s “novel business model and proposed focus on crypto-assets presented significant safety and soundness risks.” cheyenneligon reports custodiabank cheyenneligon That is how raw power is wielded. I bet no political party will ever touch that. custodiabank cheyenneligon 連邦準備理事会は、Custodia Bankの加盟申請を拒否し、暗号に特化した金融機関の「斬新なビジネスモデルと暗号資産に焦点を当てた提案は、安全性と健全性の重大なリスクを提示した 」と主張した。 「Custodiaのリスク管理の枠組みは、マネーロンダリングとテロ資金調達のリスクを軽減する能力を含む、 custodiabank cheyenneligon Novel is a bad word in banking. Just ask SBF.
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The Fed denied Custodia's application to be a member of the Federal Reserve SystemThe Fed has denied Custodia Bank's application to be a member of the Federal Reserve System, saying its 'novel' business model and focus on digital assets 'presented significant safety and soundness risks.'
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Wyoming crypto bank's Federal Reserve application deniedThe Federal Reserve Board has denied a Wyoming cryptocurrency bank's application for Federal Reserve System membership, officials announced Friday, dealing a setback to the crypto industry's attempts to build acceptance in mainstream U.S. banking. Many in crypto have been looking to Cheyenne-based Custodia Bank's more than 2-year-old application as a bellwether for crypto banking. Approval would have meant access to Federal Reserve services including its electronic payments system.
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US Federal Reserve Board Issues Policy Statement That Limits Banks' Crypto Related Activities – Regulation Bitcoin NewsThe board is not only attempting to 'promote a level playing field' but is also seeking to 'limit regulatory arbitrage.' digitalassets regulation The tyrannical banking cartel strikes again. they should still be able to connect your blockchain native wallet via apin system and buy and sell coins and i would think be able to connect it to your debit card ERTHA
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