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Custodia, established as a special purpose depository institution in Wyoming, aimed to offer secure banking services for the crypto sector. Despite meeting state requirements and taking extra steps to demonstrate its commitment to safety, Custodia\u2019s application for a Fed master account was met with delays and ultimately denied in an unprecedented 86-page report.\nIn this episode, Caitlin and Michelle explain why they believe the Fed\u2019s rejection was politically motivated, how this relates to Operation Choke Point 2.0, the appallingly small number of American banks owned by women, where they are in their lawsuit against the Fed, and what this case means for the future of crypto banking in the U.S.\nShow highlights:\n\n00:00 Intro\n\n01:52 What Custodia Bank is and how it got started in Wyoming\n\n06:04 How Custodia got into a fight with the Fed to get its master account\n\n09:58 How the dual banking system works in the U.S. and the differences between Custodia and traditional banks\n\n18:15 Why Custodia filed a lawsuit against its own regulator\n\n24:33 Why the Fed denied Custodia its applications and Caitlin\u2019s response to the criticisms\n\n29:57 The political coordination meant to \u201cintimidate\u201d Custodia, according to Caitlin\n\n42:43 The amicus briefs that were filed in favor of Custodia\n\n48:48 Caitlin\u2019s reaction to the Fed\u2019s enforcement action against Customers Bank\xa0\n\n53:35 Why Caitlin says that it\u2019s \u201cabusive and corporatist\u201d that the SEC is granting exceptions to big banks\n\n56:03 Why so few banks are owned by women and whether this played a role in Custodia\u2019s denial\n\n59:25 The next steps in Custodia\u2019s case and whether a stablecoin is viable for them\n\n1:05:21 Whether the elections are going to impact the case\n\nVisit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com\nThank you to our sponsors!\n\nPolkadot\n\nToken 2049\n\n\nMantle\xa0\n\nGuests:\n\n\nCaitlin Long, Founder & CEO of Custodia Bank\n\nPrevious appearances on Unchained:\n\nWhy Caitlin Long and Meltem Demirors Are Worried About Crypto\u2019s Future in the US\n\nCaitlin Long: Why Avanti Will Be a New Kind of Crypto Bank\n\n\nMichelle Kallen, Partner at Jenner & Block\n\nLinks\n\nTimeline\n\n\nPerkinsCoie: Federal Reserve Issues Final Guidelines for Master Account Access\n\n\nCoinDesk: Crypto Bank Custodia Sues Federal Reserve\n\n\nDavis Polk: Crypto bank sues Federal Reserve over delay in master account application\n\n\nFed\u2019s 86-page report of its denial of Custodia\u2019s membership\xa0\n\n\nCustodia\u2019s response to the Fed report\n\nCustodia\u2019s amended filing\n\nJudge Scott Skavdahl\u2019s order to dismiss\n\n\nDavis Polk: District courts refuse to order Federal Reserve to grant master accounts to Custodia\n\n\n\nAppeal\n\nCustodia\u2019s appeal notice\n\nCustodia\u2019s appeal filing\n\n\nAmicus briefs for the appeal\n\nBitcoin Magazine: The Federal Reserve, Custodia Bank, And The Battle For Sovereignty\n\n\n\nPaul Clement on behalf of the Digital Chamber and Global Blockchain Business Council (GBBC)\n\nDon Verrilli for Blockchain Association\n\nState of Wyoming\n\nAmericans for Prosperity Foundation\n\nMembers of the United States Senate Banking Committee and House Financial Services Committee\n\nFormer Sen. Patrick Toomey\n\nCustomers Bank:\nCoinGeek: \u2018Crypto\u2019-friendly Customers Bank hit with Fed Reserve enforcement action\n\n\nLearn more about your ad choices. Visit megaphone.fm/adchoices