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Home»Regulation»Caitlin Long’s Custodia Bank receives second rejection from Federal Reserve
Alameda had $65B artificial credit line, 43,000% more than FTX market makers
Regulation

Caitlin Long’s Custodia Bank receives second rejection from Federal Reserve

2023-02-25No Comments2 Mins Read
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The U.S. Federal Reserve introduced on Feb. 23 that it had denied a request by which Custodia Financial institution sought supervision from the federal government company.

Custodia requested the Federal Reserve to rethink an analogous rejection from final month. At the moment, the financial institution sought to grow to be a member of the Federal Reserve system.

The Federal Reserve justified its authentic rejection on Jan. 27 by stating that Custodia doesn’t have federal deposit insurance coverage and by highlighting the dangers of its numerous cryptocurrency-focused actions. The federal government company stated that Custodia’s utility, as initially submitted, is “inconsistent with the required elements beneath the legislation.”

Custodia Financial institution was previously often known as Avanti. Caitlin Lengthy, a former Wall Avenue govt with previous roles at Credit score Suisse and Morgan Stanley, is CEO and founder.

Custodia is notable for acquiring a constitution in Wyoming that permits it to function a special-purpose depository establishment and name itself a crypto financial institution. Crypto trade Kraken has additionally obtained the identical constitution to function equally.

Each corporations have complained about federal regulation in current weeks.

Journalist at CryptoSlate

Mike educated in library and knowledge sciences earlier than shifting into crypto writing in 2018. He lives on the West Coast of Canada.

Disclaimer: Our writers’ opinions are solely their very own and don’t replicate the opinion of CryptoSlate. Not one of the info you learn on CryptoSlate ought to be taken as funding recommendation, nor does CryptoSlate endorse any mission that could be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies ought to be thought of a high-risk exercise. Please do your personal due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no duty do you have to lose cash buying and selling cryptocurrencies.

See also  Paxos refutes bank charter rejection rumors

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bank Caitlin Custodia Federal Longs Receives Rejection Reserve
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