Ripple Won’t Get Fed Master Account, Says Caitlin Long
Caitlin Long, the CEO of Wyoming-chartered Custodia Bank, delivered a stark assessment of crypto’s path to the Federal Reserve’s rails, arguing that firms operating under trust charters—including Ripple—will not be granted direct access to the Fed’s payment system unless they become true depository institutions. “Stablecoin issuers are not legally depository institutions,” she said. “To be […]
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Software engineer Vincent Van Code has declared that Ripple will not be just a regular bank. He also alluded to the Fed Master application as one of the interesting aspects amid the crypto firm’s move to obtain a national trust charter. Why Ripple Won’t Be A Regular Retail-Style Bank Vincent Van Code stated that Ripple […]
The crypto market is entering a pivotal week as Bloomberg analysts confirm that XRP and Dogecoin exchange-traded funds (ETFs) are on track to launch in the U.S. Related Reading: Ripple Won’t Get Fed Master Account, Says Caitlin Long The funds, managed by REX-Osprey, have cleared regulatory hurdles under the Investment Company Act of 1940, a […]
Custodia is a digital asset bank located in Wyoming and founded by former Morgan Stanley managing director Caitlin Long. The crypto bank filed a lawsuit against the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, alleging a “patently unlawful delay” in processing an application for its master account. Caitlin Long […]
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 […]
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....