Custodia Bank’s Appeal Denied In Battle Over Fed Master Account – Details
Custodia Bank, the popular crypto bank founded by Caitlin Long, has suffered another court setback in its fight for a Federal Reserve master account. Notably, the Wyoming-based institution failed to secure a favorable appeal ruling after an initial court rejection in March 2024. Related Reading: US Urges Global Regulators To Review Bank Crypto Standards Amid […]
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Custodia wants to compel the Federal Reserve Board and its Kansas City branch to approve its application for a Fed master account within 30 days. Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account.Custodia, formerly known as Avanti was one of the first Special Purpose Depository Institutions (SPDIs) also known as “blockchain banks” made under a Wyoming regulatory framework.The bank was founded by Caitlin Long, an early advocate....
Custodia’s lawsuit states “unlawful” delays in the bank’s approval process to gain a master account with the Federal Reserve which would lessen cost and risks.
The head of the Wyoming-based bank was taken aback when BNY Mellon was approved to provide crypto custody services; her bank’s master account application is still not processed. Custodia Bank founder Caitlin Long had a strong reaction to the news that BNY Mellon has launched a digital custody platform for Ether (ETH) and Bitcoin (BTC) holdings. Speaking at DC FinTech Week on Oct. 11, she made a comparison between the Federal Reserve’s actions and policies.BNY Mellon is the first large United States bank to offer the custody of digital assets and traditional investments on the same....
Yeah, yeah, the BNY Mellon entered the crypto custody business. The real story here is Custodia Bank’s Caitlin Long’s emotional speech at DC Fintech Week. The bitcoin enthusiast banker left the rest of the panel speechless by accusing the Federal Reserve of giving preferential treatment to BNY Mellon. “We’ve been waiting for two and a […]
Custodia CEO and key crypto figure Caitlin Long has questioned the readiness of traditional finance firms for their first-ever crypto winter. Speaking with CNBC on Friday at the Wyoming Blockchain Symposium 2025, Long emphasized that while Wall Street’s increasing involvement has fueled the current market cycle, its legacy systems and risk models may prove inadequate […]