BNY Mellon, the oldest and largest Wall Street bank, announcing its crypto custody service yesterday was bitter news for Caitlin Long.
The founder and CEO of crypto bank Custodia spent 22 years on Wall Street before moving back to Wyoming to work in blockchain.
In 2020, at the dawn of the COVID-19 pandemic, she founded Avanti Bank, which would later become Custodia. At the time, it was only the second such crypto bank to have received a state banking charter, allowing it to custody both traditional and crypto assets.
And for the past two and a half years, Long has been waiting for a decision on her bank's application for a master account with the Federal Reserve, which would enable the bank to function like its traditional competitors, who lend out customer fiat deposits. In fact, the company filed a lawsuit in June, over what it calls the Fed's "patently unlawful delay."
"You will see a filing from my company in that lawsuit pertaining to the announcement this morning because the...
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