:The U.S. Federal Reserve on Friday rejected crypto-focused Custodia Bank's application to become a member of the Federal Reserve System, saying the bank's proposed business model and focus on digital assets presented significant safety and soundness risks.
Custodia Bank Chief Executive Caitlin Long said in a statement that the bank was"surprised and disappointed" by the Fed's decision. “Custodia actively sought federal regulation, going above and beyond all requirements that apply to traditional banks," she said.
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