US Federal Reserve does not want to recognize cryptocurrency

 

While the focus of the cryptocommunity is on the legal discussions of the SEC with crypto exchanges and Ripple, no less important trial is going on in the United States almost unnoticed.

Custodia Bank is suing the US Federal Reserve. Custodia positions itself as an intermediary between cryptocurrency and fiat assets. Last year, the Federal Reserve denied the bank membership. The reason for the refusal was that Custodia considers cryptocurrency deposits an asset. According to the Fed, this is too risky policy that does not meet the established requirements.

The outcome of the trial will largely determine the administrative status of the crypto worldwide.

Lado Orhotnikov, Head of Meta Force agreed that it is extremely important, and its results will determine the future of the crypto industry.

«It is even strange that this process was on the periphery of our attention. There is a wonderful tradition in the USA, namely case law. And if the court recognizes a cryptocurrency deposit as equivalent fiat - this, indeed, can radically change the state of crypto business. Among other things, it will have an impact on the processes with the participation of the SEC. Therefore, we look forward to the results...»

 

#importanttrial #CustodiaBank #USFederalReserve