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

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

2023-02-24No Comments2 Mins Read
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The U.S. Federal Reserve announced on Feb. 23 that it had denied a request through which Custodia Bank sought supervision from the government agency.

Custodia asked the Federal Reserve to reconsider a similar rejection from last month. At that time, the bank sought to become a member of the Federal Reserve system.

The Federal Reserve justified its original rejection on Jan. 27 by stating that Custodia does not have federal deposit insurance and by highlighting the risks of its various cryptocurrency-focused activities. The government agency said that Custodia’s application, as originally submitted, is “inconsistent with the required factors under the law.”

Custodia Bank was formerly known as Avanti. Caitlin Long, a former Wall Street executive with past roles at Credit Suisse and Morgan Stanley, is CEO and founder.

Custodia is notable for obtaining a charter in Wyoming that allows it to operate a special-purpose depository institution and call itself a crypto bank. Crypto exchange Kraken has also obtained the same charter to operate similarly.

Both companies have complained about federal regulation in recent weeks.

Journalist at CryptoSlate

Mike trained in library and information sciences before moving into crypto writing in 2018. He lives on the West Coast of Canada.

Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

See also  Russian Bank Launches New Cross-Border Crypto Payments System: Report
bank Caitlin Custodia federal Longs Receives Rejection Reserve
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