Up until now, American financial institutions that wanted to conduct both crypto transactions and traditional banking services have had to pick a lane.
That may soon change.
The Federal Reserve released formal guidelines this afternoon to oversee the process by which “institutions offering new types of financial products or with novel charters” could be granted so-called “master accounts,” a key financial status that allows for direct payments with, and access to, the Fed. All federally-chartered banks possess a master account.
The Fed’s 49-page ‘Final Guidance’ mentions the word "cryptocurrency" only once, when discussing the sort of novel institutions that may seek master accounts under these guidelines. But the subtext of today’s announcement is inextricably linked to the crypto industry.
Custodia, a crypto bank founded by former Morgan Stanley managing director Caitlin Long, sued the Federal Reserve in June, citing a 19-month delay in the Fed’s processing of the bank’s...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...