According to Caitlin Long, the CEO of Custodia Bank, the Federal Reserve continues to block banks from engaging with crypto assets, keeping a significant restriction active while appearing to ease regulations. This stipulation favors major banks and complicates custody for smaller banks.
Long also pointed out that the Fed’s public relations strategy concealed vital information, misleading the public about the extent of changes in crypto regulation. She emphasized that this tactic has led to confusion and distrust among stakeholders in the crypto space.
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