The Federal Reserve (Fed) has come out all guns blazing against Custodia Bank’s attempt to become a member of the Federal Reserve System, as it criticized the proposal and justified its rejection.
In an 86-page document released on Friday, the Fed claimed there are fundamental concerns about Custodia’s approach.
Custodia Bank, formerly known as Avanti, is a Wyoming state-chartered special depository institution. It applied to become a Federal Reserve System member and obtain a Federal Master account.
Source: https://beincrypto.com/fed-slams-custodia-endangers-crypto-industry-and-itself/