Fed Board Denies Crypto Firm’s Bid to Join Federal Reserve System
By EsqSocial Corporation 03/02/23
On January 27, the Federal Reserve Board (FRB) announced that it unanimously voted to deny a crypto firm’s application to become a member of the Federal Reserve System. This denial ends the crypto firm’s 27-month effort to obtain a “master account,” which allows companies to move money through the Federal Reserve System without having to use a federally insured bank....
By: Sheppard Mullin Richter & Hampton LLP