Proof of State is the Wednesday edition of Fortune Crypto where Leo Schwartz delivers insider insight on policy and regulation.
Custodia is on a one-bank crusade after the Federal Reserve denied the Wyoming crypto firm’s application for Fed membership in late January, plowing forward with a lawsuit challenging the decision. After filing an amended complaint decrying the Fed’s actions, Caitlin Long, Custodia’s founder, wrote a post arguing for a regulated crypto bank while the broader industry is under fire. “Custodia has been denied and now disparaged for daring to come through the front door,” she proclaimed.
