Federal Reserve succumbs to political maneuvers to boost innovation

In an interview with FOX Business reporter Eleanor Terret, Custody Bank CEO Caitlin Long talked about how the court's ruling in the case with the Federal Reserve is contributing to hindering innovation in general. Ta.

Caitlin Long talks about the Fed's victory

The background to the incident is that Custodi Bank had previously applied for supervision by the US Federal Reserve Board. The crypto-friendly bank applied for master account access through the Kansas City Fed, but was denied by the Fed. This master account was to authorize Custodial Bank to perform interbank transfers and other key Fed payment services.

However, the Fed argued that Custodial Bank did not meet the requirements set out in the law. Denied access to payment systems, banks were forced to sue the Federal Reserve. Many in the crypto industry, including pro-XRP lawyer John E. Deaton, expected the lawsuit to favor the banks. This anticipated victory was considered pivotal for the entire cryptocurrency ecosystem, as it would shed new light on the industry.

At the time, Terret said that if she wins her case, Long would be the first woman to win against the Federal Reserve.

About two weeks ago, Wyoming District Judge Scott Skavdahl ruled in favor of the Federal Reserve Board in its lawsuit against Custodeia Bank. Additionally, Custodi's request for a declaratory judgment was denied, further strengthening the Federal Reserve's position.

Caitlin Long said in an interview that the law is the law, but said the final law could come down in the Court of Appeals, hinting at the possibility of an appeal. As part of his comments on his lawsuit, Long pointed to the Federal Reserve's political distortions, which reinforce innovation not only in cryptocurrencies but also in the nation's broader technology ecosystem.

Conspiracy against CeFi and DeFi integration

When asked specifically what he thought about the court's decision in this case, Long acknowledged that such a case could go either way. Custodial Bank has long confirmed that it has always sought cooperation with the Federal Reserve, including attending numerous meetings. Meanwhile, Terret strongly believes that Custodial Bank has strong grounds to appeal.

Custody Bank's move to integrate traditional finance (TradFi) and decentralized finance (DeFi) is one of several innovations that several other banks are introducing to the financial sector. This is similar to the result that crypto payments platform Ripple Labs is trying to achieve with a stablecoin that could be pegged to the US dollar.

Many of these companies face some kind of roadblock that ultimately blocks the wheels of innovation. These obstacles most often come under the guise of regulations and requirements from authorities, and crypto projects are beginning to perceive this challenge as a political ploy.

As Long pointed out, this is a broader maneuver by lawmakers like Sen. Elizabeth Warren in the fight against digital currency innovation. While this remains the case, crypto innovators are rallying around pro-crypto lawyer John Deaton, who is running against Sen. Warren for a seat in the Massachusetts State House.

This twist has raised hopes that if Mr. Deaton is successful, the country's cryptocurrency regulatory landscape may change.

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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and the innovations driving public acceptance and global integration of emerging technologies. His desire to educate people about cryptocurrencies has inspired his contributions to well-known blockchain-based media and sites. Benjamin Godfrey loves sports and farming. Follow him on Twitter and his Linkedin

The published content may include the personal opinions of the author and may be subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

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