Federal Reserve Says Custodia’s Plans Would Endanger Itself and the Crypto Industry

Rationale for Custodia’s denial

The Fed explained that it has several factors it uses to evaluate an application, from managerial ability to financial strengths, and it argued that the results in each were “so adverse as to present sufficient grounds on their own for warranting denial of the application.” The membership was denied without prejudice, meaning that Custodia would, in theory, be able to apply again in the future.The central bank’s criticism of Custodia seemed to go well beyond its own business. Crypto industry observers will be paying close attention to the Fed’s language on stablecoins – those tokens, generally tied to stable assets such as the dollar, that are the lifeblood of cryptocurrency trading.

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Federal Reserve Says Custodia’s Crypto-Focused Business Model Is ‘Inconsistent’ With ApprovalThe Federal Reserve said Custodia Bank's model did not address risk management, soundness or other concerns in an 86-page order explaining its rejection of the bank's application for membership at the Fed. cheyenneligon reports cheyenneligon Can the federalreserve be any more obtuse!!! How about spelling out the ‘other concerns’ the US regulators have become really authoritarian and opaque! They are backwards looking and unique unfit to serve the public fairly and progressively cheyenneligon Could’ve had summarized 86 pages to 4 words instead: We don’t want crypto. cheyenneligon Garbage. It’s literally the SAFEST model possible
Fonte: CoinDesk - 🏆 291. / 63 Consulte Mais informação »