The Fed previously said Custodia, which is based in Wyoming
and is chartered through the state as a special purpose
depository institution, lacked a sufficient risk management
framework to address the heightened risks associated with
crypto.
(Reporting by Hannah Lang in Washington; Editing by Chris
Reese)
Feb 23 (Reuters) - The U.S. Federal Reserve on Thursday
denied crypto-focused Custodia Bank's request that the central
bank reconsider its application to become a member of the
Federal Reserve System.
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