Crypto Bank Custodia Denied Membership in US Federal Reserve System
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The U.S. Federal Reserve Board has rejected the attempt of Custodia Bank to become member of the Federal Reserve System. According to the decision announced Friday, the application submitted by the digital asset bank is inconsistent with legal requirements. Federal Reserve Board Says Business Model Proposed by Custodia Bank Presents Risks 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 press release further detailed that Custodia
A historic step has been taken that will shake up the world of cryptocurrency and financial technology. US President Donald Trump signed a new executive order titled “Integrating Financial Technology Innovation into Regulatory Framework.” The executive order gives six federal financial regulators in the US 90 days to completely overhaul…