• Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact
Tuesday, November 28, 2023
FinCurrency
No Result
View All Result
  • Home
  • News
  • Finance
  • Economy
  • Crypto
  • Home
  • News
  • Finance
  • Economy
  • Crypto
No Result
View All Result
FinCurrency
No Result
View All Result

Federal Reserve Denied Custodia’s Application

David Moore by David Moore
January 29, 2023
in Crypto
Reading Time: 2 mins read
A A
0
Federal Reserve Denied Custodia's Application
0
SHARES
2
VIEWS
FacebookTweetPinShareShare

On Friday, the Federal Reserve Board dealt a major blow to cryptocurrency’s growing acceptance in mainstream U.S. banking after they denied Wyoming-based crypto bank Custodia’s application for membership within their system. This rug has been pulled out from underneath the feet of many hopeful members of the crypto community aiming to gain more legitimacy with traditional financial institutions.

Crypto aficionados have been eagerly tracking the progress of Custodia’s application, which has been in process for over two years. If approved, crypto banking could access revolutionary services like the Federal Reserve’s electronic payments system.

A Huge Blow to Crypto Industry

The Federal Reserve Board’s rejection of Custodia’s crypto banking proposal presents serious challenges to Wyoming’s efforts at becoming a hub for cryptocurrency activities. The Board cited “significant safety and soundness risks” posed by the company’s business model, indicating that depositors may not be sufficiently protected with this particular approach. This decision adds further uncertainty around whether or not crypto banking is truly viable in the state.

The board has succinctly articulated that crypto activities are potentially hazardous to safe and sound banking practices. Furthermore, they had reservations regarding Custodia’s efficacy in restraining money laundering or terrorism financing through cryptocurrencies.

Custodia's Not Happy With This Decision At All

Custodia’s Not Happy With This Decision At All

Custodia filed a lawsuit against the Federal Reserve Board and Federal Reserve Bank of Kansas City in Wyoming federal court last year, claiming that they were taking an unreasonable amount of time to process its application. On Friday, Custodia made a statement saying it was “surprised and disappointed” by the denial and vowed to continue fighting for justice in this matter.

According to Caitlin Long, the CEO of Custodia, the company offered a reliable and federally regulated refuge for American banks compared to the fraudsters of cryptocurrency. Moreover, Custodia willingly sought federal regulation and surpassed all existing standards placed on traditional banks.

You may be interested: Despite the Latest ECB Announcements, Gold Is Still Climbing

Tags: crypto industryCustodiaFederal Reserve Board
Previous Post

Sam Bankman-Fried Tried to Influence Witnesses

Next Post

The Features and Price of the OnePlus Ace 2 Have Been Announced

David Moore

David Moore

I am a writer/editor and aspiring author with a high level of editing, writing, communication, leadership and research skills. I possess the proven ability to copy edit, write, fact check, format, calculate and verify numbers/percentages, interview people, perform research, teach and produce something meaningful from scratch. I've worked in various industries and in a number of team environments, including in support roles. In addition to my identity as a financier, I have had the opportunity to write editorial in other sectors throughout my life. Without saying no to these demands, I tried to expand my range and go beyond the field of finance. I have experience editing academic course material, financial services/investment copy, valuation/appraisal content, packaging/caution language and marketing/promotional material.

Next Post
The Features and Price of the OnePlus Ace 2 Have Been Announced

The Features and Price of the OnePlus Ace 2 Have Been Announced

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Popular News

  • 2VOO-vs-VTSAX--Which-Is-the-Better-Fund-for-You--

    VOO vs. VTSAX: Which Is the Better Fund for You?

    0 shares
    Share 0 Tweet 0
  • IPT Price Prediction

    0 shares
    Share 0 Tweet 0
  • Key Differences Between Asset Allocation and Security Selection

    0 shares
    Share 0 Tweet 0
  • The Far Eastern Economic Review: A Look Back at Its Significance in the Asia-Pacific Region and Legacy

    0 shares
    Share 0 Tweet 0
  • “Gambling” Analogy for Crypto from UK Lawmakers

    0 shares
    Share 0 Tweet 0

Recent News

2Famous-Economist--Elon-Musk-Will-Choose-This-Altcoin

Famous Economist: Elon Musk Will Choose This Altcoin!

July 31, 2023
2CryptoBlades-SKILL-Coin-Weekly-Analysis-And-Price-Prediction

CryptoBlades (SKILL) Coin Weekly Analysis And Price Prediction

July 31, 2023
2DAR-Token-Weekly-Analysis-And-Price-Prediction

DAR Token Weekly Analysis And Price Prediction

July 31, 2023
2Big-News-Coming--SHIB-Tweet-Spoken

Big News Coming? SHIB Tweet Spoken!

July 30, 2023
FinCurrency Logo White Mode Retina Mobile

FinCurrency is a user-friendly platform that stands out as a unique source where our strong team of experienced and academically qualified writers, who are experts in their fields, analyze current issues and global affairs related to the finance and crypto world in an enjoyable and non-technical approach.

2Famous-Economist--Elon-Musk-Will-Choose-This-Altcoin

Famous Economist: Elon Musk Will Choose This Altcoin!

July 31, 2023
2CryptoBlades-SKILL-Coin-Weekly-Analysis-And-Price-Prediction

CryptoBlades (SKILL) Coin Weekly Analysis And Price Prediction

July 31, 2023
2DAR-Token-Weekly-Analysis-And-Price-Prediction

DAR Token Weekly Analysis And Price Prediction

July 31, 2023
  • Home
  • About Us
  • Privacy Policy
  • Terms and Conditions
  • Team
  • Contact

© 2023 FinCurrency - Global News

No Result
View All Result
  • Home
  • News
  • Economy
  • Finance
  • Crypto
  • Technology
  • Terms and Conditions
  • Contact

© 2023 FinCurrency - Global News

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Terms and Conditions.