Earlier this month, the Fed and two other financial regulatory agencies: Custodia Bank chief Caitlin Long said she was "surprised and disappointed" by the actions taken. At the same time, Long tells Axios that Custodia will "continue to: While crypto was always envisioned as disrupting traditional finance, the industry also needed access to the systems that underpin it, including the Fed's rails.
Having a Fed "master account" allows firms to store funds with the Fed and unlock direct access to payment rails that let banks transfer money to each other, instead of going through an intermediary. The recent signals of the banking system's pullback from firms that take part in crypto services do not bode well for the industry.: Signature Bank is shrinking its crypto deposits and stepping away from SWIFT transactions for crypto exchange customers of less than $100,000 starting Feb 1. The latter left crypto exchange Binance in the lurch.
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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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