Crypto Bank Sues Fed Over 19 Months Delay In Processing Application

Crypto Bank Sues Fed Over 19 Months Delay In Processing Application

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 […]


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Crypto bank Custodia sues the Fed over 19 month delay on account approval

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....

Crypto.com Accidentally Sent $7 Million to Customer — Sues 7 Months Later to ...

Cryptocurrency exchange Crypto.com accidentally transferred about $7.26 million to a customer’s account but did not notice the error for seven months. The crypto company has now sued the customer to recover the funds. Crypto.com Sues Customer 7 Months After Mistakenly Transferring over $7 Million The Australian Supreme Court of Victoria released a default judgment Friday in a case where crypto exchange Crypto.com accidentally transferred more than AUD$10.47 million ($7.26 million) to a customer’s account on May 20, 2021. The crypto firm made claims....

Custodia Bank founder Caitlin Long has some strong words about the Fed and BN...

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....

Bitcoin Spot ETF: Bloomberg Analyst Reevaluates Odds After Ark’s Delay

In a surprise move, the US Securities and Exchange Commission (SEC) announced an early delay of ARK Invest’s and 21Shares Bitcoin spot ETF application on Tuesday, September 26, which was originally scheduled to be decided by November 11. At the same time, the regulator postponed GlobalX ETF’s application, which was to be decided on October […]

Royal Bank of Canada Sees Role for Public Blockchains in Secure Payments

Canada's largest bank is seeking a patent for a secure means of processing payments that could connect with a public blockchain. On 19th January, the US Patent and Trademark Office published an application from the Royal Bank of Canada (RBC) for "secure processing of electronic payments". The application, submitted in July 2016, details the use of trusted devices to administer, process and store payment transactions, in an environment utilizing digital wallets and merchant-based points-of-sale (POSs). As envisioned, some of these applications could be used to connect to an....