The Federal Reserve Bank has finalized new guidelines for evaluating state-chartered crypto banks seeking access to the Fed’s payment systems. These guidelines offer much demanded transparency as to how the Fed is reviewing the federal charter applications of crypto banks.
In June 2022, Custodia bank, a Wyoming-based crypto bank, sued the Fed claiming it had not acted upon Custodia’s application for access to the Fed’s payment systems for over 19 months.
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