Navigating Digital Assets in 2024: Understanding the Regulatory Landscape for Banking Bitcoin
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Caitlin Long originally aimed to be a strong advocate in Washington for integrating crypto assets into the regulated banking sector. However, she has unexpectedly become one of its main opponents. Long is the Founder and CEO of Custodia Bank, based in Cheyenne, Wyoming, a special purpose depository institution that sought to connect digital assets with the traditional banking system. Unfortunately, plans were derailed when the Federal Reserve Bank of Kansas City rejected Custodia’s application for a master account, effectively cutting off the bank from the central bank’s payment network. This rejection was just one of multiple obstacles that Long and others believe are hindering the progress of crypto banking. In this article, she delves into these regulatory challenges, their implications for the industry as a whole, and how her company is pushing back against them.
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