{"id":555792,"date":"2023-02-24T02:10:56","date_gmt":"2023-02-23T23:10:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/us-federal-reserve-denies-custodia-banks-request-for-fed-supervision\/"},"modified":"2023-02-24T02:10:56","modified_gmt":"2023-02-23T23:10:56","slug":"us-federal-reserve-denies-custodia-banks-request-for-fed-supervision","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/us-federal-reserve-denies-custodia-banks-request-for-fed-supervision\/","title":{"rendered":"# US Federal Reserve denies Custodia Bank&#8217;s request for Fed supervision"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a412a8029894\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a412a8029894\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/us-federal-reserve-denies-custodia-banks-request-for-fed-supervision\/#%E2%80%9D_US_Federal_Reserve_denies_Custodia_Banks_request_for_Fed_supervision_%E2%80%9C\" >&#8221; US Federal Reserve denies Custodia Bank&#8217;s request for Fed supervision &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_US_Federal_Reserve_denies_Custodia_Banks_request_for_Fed_supervision_%E2%80%9C\"><\/span>&#8221; US Federal Reserve denies Custodia Bank&#8217;s request for Fed supervision &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMTZlNjE1MzUtNWM5MC00MTcxLTk4MjItNWUyYzA1NWRhMGQ0LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-48054ca8>The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lication to the Federal Reserve System.<\/p>\n<p>The Fed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/orders20230223a.htm\">announced<\/a> its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia\u2019s application \u201cwas inconsistent with the required factors under the law.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/federalreserve?ref_src=twsrc%5Etfw\">@federalreserve<\/a> announces it has denied the request by Custodia Bank, Inc., for reconsideration of the Board\u2019s decision last month on its application to be supervised by the Federal Reserve: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/ZYNUEoLeN1\">https:\/\/t.co\/ZYNUEoLeN1<\/a><\/p>\n<p>\u2014 Federal Reserve (@federalreserve) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/federalreserve\/status\/1628877800168890373?ref_src=twsrc%5Etfw\">February 23, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>In January, the Fed rejected Custodia\u2019s application to become a member. Board rules allow applicants to request a reconsideration of membership decisions.<\/p>\n<p>At the time of the initial rejection, the Fed claimed Custodia had an \u201cinsufficient\u201d management framework.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>IMF exec board endorses crypto policy framework, including no crypto as legal tender<\/em><\/strong><\/p>\n<p>It also cited a joint declaration it made alongside the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) that claimed cryptocurrencies were \u201cinconsistent with safe and sound banking practices.\u201d <\/p>\n<p>Custodia has <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/custodiabank.com\/press\/avanti-statement-on-its-application-to-become-a-federal-reserve-member-bank\/\">said<\/a> it wishes to join the Federal Reserve System so it can be regulated under the standards that apply to traditional banks and open a path for other crypto-banks that wish to be held to those same heightened standards.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/us-federal-reserve-denies-custodia-bank-s-request-for-fed-supervision\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; US Federal Reserve denies Custodia Bank&#8217;s request for Fed supervision &#8220; The United States Federal Reserve has denied a request from cryptocurrency bank Custodia Bank to reconsider its membership application to the Federal Reserve System. The Fed announced its denial on Feb. 23 saying the Federal Reserve Board previously decided that Custodia\u2019s application \u201cwas&#8230;<\/p>\n","protected":false},"author":1,"featured_media":555793,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/16e61535-5c90-4171-9822-5e2c055da0d4.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74888,75022,71939,70550,70934,67874],"class_list":["post-555792","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banking","tag-central-bank","tag-banks","tag-federal-reserve","tag-regulation","tag-united-states"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=555792"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/555792\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/555793"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=555792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=555792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=555792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}