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announced by the US Federal Reserve February 23rd Custodia Bank has said it has refused a government agency’s request for oversight.
Custodia has asked the Federal Reserve to reconsider a similar denial from last month. At the time, the bank was aiming to become a member of the Federal Reserve.
The Federal Reserve justified its initial denial on Jan. 27 by stating that Custodia does not have federal deposit insurance and highlighting the risks of various crypto-focused activities. bottom. The agency said the custodial application originally filed was “inconsistent with the elements required under the law.”
Custodia Bank was formerly known as Avanti. Caitlin Long, a former Wall Street executive who has held past positions at Credit Suisse and Morgan Stanley, is CEO and founder.
Custodia famously obtained a charter allowing it to operate a special purpose depository institution in Wyoming and call itself a cryptocurrency bank. The same charter has been obtained for the Kraken cryptocurrency exchange, which operates in the same way.
Both companies have complained about federal regulations in recent weeks.
The post Caitlin Long’s Custodia Bank received a second rejection from the Federal Reserve Board first appeared on CryptoSlate.
