Rough day for crypto banks: Custodia gets rejected by the Fed while Silvergate suspends dividend payments Custodia digitalassetbank bank
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“The firm's novel business model and proposed focus on crypto-assets presented significant safety and soundness risks,” the press release from the Fed said. “The Board has previously made clear that such crypto activities are highly likely to be inconsistent with safe and sound banking practices.” In response to the decision by the Fed, a press statement from Caitlin Long, the CEO of Custodia, said that the bank is “surprised and disappointed by the Board’s decision today. The Fed advised Custodia 72 hours ago that it could either withdraw its membership application or see it denied, and the Fed denied it in record time.”
In June of last year, the bank filed suit against the Federal Reserve, alleging “favoritism” and a “lack of respect” by the Board of Directors of the Kansas City Fed after it granted BNY Mellon approval for a Fed master account while denying the same to Custodia for nearly two years.
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