{"id":10875,"date":"2025-02-28T10:56:36","date_gmt":"2025-02-28T17:56:36","guid":{"rendered":"https:\/\/jasonsblog.ddns.net\/?p=10875"},"modified":"2025-02-28T10:56:36","modified_gmt":"2025-02-28T17:56:36","slug":"custodia-bank-ceo-calls-out-washingtons-debanking-skullduggery","status":"publish","type":"post","link":"https:\/\/jasonsblog.ddns.net\/index.php\/2025\/02\/28\/custodia-bank-ceo-calls-out-washingtons-debanking-skullduggery\/","title":{"rendered":"Custodia Bank CEO Calls Out Washington\u2019s Debanking \u2019Skullduggery\u2019"},"content":{"rendered":"\n

Anything to do with Laramie, WY’s Caitlin Long is of interest, and she has a great presentation<\/a> on Bitcoin from a few years ago. Consequently, these stablecoins mentioned are of interest, as there may be a few that create some new cryptocurrencies based on the dollar, using US treasuries as the backing. So basically, you buy a bunch of US debt and then create a cryptocurrency which allows for a lot of fast transacting in essentially US dollars with fees, also allowing you to get your money back from the initial investment. And there is no shortage of US debt to back these creations, with those getting preferential regulation taking the most advantage. Consequently, with modern cryptocurrencies, it’s doing away with the old ways of illegally transacting across borders using diamonds, art, cash… <\/p>\n\n\n\n

https:\/\/cointelegraph.com\/news\/custodia-bank-ceo-calls-out-washington-debanking-skullduggery?utm_source=rss_feed&utm_medium=rss&utm_campaign=rss_partner_inbound<\/a><\/p>\n\n\n

<\/div><\/div><\/div>\n\n\n
Custodia Bank fought to service crypto firms under the previous administration but faced resistance from US regulators.<\/h5>\n\n\n\n
\"Custodia<\/figure>\n\n\n\n

Recent efforts to \u201cdebank\u201d crypto firms in the US revealed a \u201cstaggering\u201d level of corruption among government officials, and the problem is not yet resolved, one banking executive said in a Feb. 27 interview during Bitcoin Investor Week. <\/p>\n\n\n\n

\u201cThe magnitude of skullduggery that is happening in Washington D.C. is really incredible\u2026 and it\u2019s not over yet,\u201d Caitlin Long, Custodia Bank\u2019s founder and CEO, said during a panel at the event.  <\/p>\n\n\n\n

In 2023, the US Federal Reserve, which regulates banks, stymied Custodia\u2019s efforts to service crypto firms by denying the bank access to a master account, citing<\/a> Custodia\u2019s involvement in \u201ccrypto-asset-related activities.\u201d <\/p>\n\n\n\n

A master account would allow the bank to custody assets directly with the central bank and access payment rails for inter-bank transfers. Custodia took legal action against the Fed in a bid to reverse the decision. <\/p>\n\n\n\n

\"\"
Custodia Bank CEO Caitlin Long speaks at Bitcoin Investor Week. Source: Cointelegraph<\/em><\/figcaption><\/figure>\n\n\n\n

Industry outrage over alleged debanking reached a crescendo<\/a> when a June 2024 lawsuit spearheaded by \u200b\u200bCoinbase resulted in the release of letters showing US banking regulators asked certain financial institutions to \u201cpause\u201d crypto banking activities.<\/p>\n\n\n\n

US President Donald Trump, who started his term on Jan. 20, has criticized the prior administration\u2019s approach to crypto-friendly banks and vowed to better integrate cryptocurrencies, including stablecoins, into the regulated financial system. <\/p>\n\n\n\n

In a Jan. 23 executive order<\/a>, Trump told agencies to prioritize \u201cfair and open access to banking services\u201d for digital asset firms.<\/p>\n\n\n\n

Stablecoin scrum<\/h2>\n\n\n\n

However, the battle for regulatory clarity isn\u2019t over, Long said. Instead, it has evolved into a multi-directional fight among different types of stablecoin issuers seeking preferential rules, she said. <\/p>\n\n\n\n

There is an ongoing \u201cscrum between the big banks\u2026 and the incumbent stablecoin issuers, and then there\u2019s Tether,\u201d which is not based in the US, Long said. <\/p>\n\n\n\n

The result has been \u201cthis incredible flow of money that has gone from the banks and the crypto industry to people in [Washington] D.C., and they\u2019re all going to fight,\u201d Long said. <\/p>\n\n\n\n

\u201cI don\u2019t know how it\u2019s going to come out,\u201d she added.<\/p>\n","protected":false},"excerpt":{"rendered":"

Anything to do with Laramie, WY’s Caitlin Long is of interest, and she has a great presentation on Bitcoin from a few years ago. Consequently, these stablecoins mentioned are of interest, as there may be a few that create some new cryptocurrencies based on the dollar, using US treasuries as the backing. So basically, you […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,7],"tags":[],"class_list":["post-10875","post","type-post","status-publish","format-standard","hentry","category-tech","category-world"],"blocksy_meta":[],"featured_image_src":null,"author_info":{"display_name":"Jason","author_link":"https:\/\/jasonsblog.ddns.net\/index.php\/author\/jturning\/"},"_links":{"self":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/10875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/comments?post=10875"}],"version-history":[{"count":1,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/10875\/revisions"}],"predecessor-version":[{"id":10876,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/posts\/10875\/revisions\/10876"}],"wp:attachment":[{"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/media?parent=10875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/categories?post=10875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jasonsblog.ddns.net\/index.php\/wp-json\/wp\/v2\/tags?post=10875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}