The 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.'
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.
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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
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