In a revelation as surprising as a hidden clause in a marriage contract, a banking dignitary has decried the astonishing shenanigans afoot in our nation’s capital concerning the debanking of crypto enterprises. The saga, it seems, is far from over, as was confided in a most enlightening interview on the 27th of February, during the much-vaunted Bitcoin Investor Week.
“The sheer breadth of mischief and tomfoolery that abounds in Washington D.C. is nothing short of astonishing… and the curtain has not yet fallen,” proclaimed Caitlin Long, the indomitable founder and CEO of Custodia Bank, amidst a gathering of the learned and the curious at the event.
Last year, the venerable US Federal Reserve, in a move as perplexing as a spinster’s refusal of a suitor, obstructed Custodia’s noble endeavor to cater to crypto firms by denying it the golden key to a master account, all on account of the bank’s dalliance with “crypto-asset-related activities.”
This master account, you see, is the linchpin that would allow the bank to safeguard assets in the embrace of the central bank and navigate the treacherous waters of inter-bank transfers. In a display of courage most becoming, Custodia took up arms, legally speaking, against the Fed in a quest to overturn this dastardly decision.
The furor over the alleged debanking reached such a pitch that it might have caused the chandeliers to tremble, when a lawsuit brought forth by Coinbase in June of the previous year led to the unearthing of missives that indicated certain US banking regulators had requested a “pause” in crypto banking activities. A pause! As if one might ask a dancing couple to simply stand still in the middle of the ballroom!
President Donald Trump, who assumed the throne on the 20th of January, has roundly condemned his predecessor’s approach to crypto-friendly banks, vowing to integrate cryptocurrencies, stablecoins included, into the regulated financial system with greater finesse.
In an executive order penned on the 23rd of January, Trump instructed his minions to prioritize “fair and open access to banking services” for those in the digital asset trade. A most magnanimous gesture, indeed.
The Stablecoin Scrum
Yet, the quest for regulatory clarity is akin to a game of battledore and shuttlecock, with no clear winner in sight, according to the redoubtable Ms. Long. The struggle has morphed into a multi-pronged fracas amongst various stablecoin issuers, each vying for the preferential treatment of a doting parent.
There is, it seems, an ongoing “scrum” between the titans of banking and the established stablecoin issuers, with Tether, the outlier, thrown into the fray. The result has been a veritable flood of coin, flowing from the coffers of banks and crypto purveyors to the pockets of those in the D.C. swamp, with nary a thought to the outcome of their tussle.
“I dare say, the end of this imbroglio is as clear as mud,” she concluded with a wry smile that could only be matched by the most seasoned of jesters.
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2025-02-28 00:06