**Crypto Banking Crackdown: Fed Targets Customers Bank**
The Federal Reserve has taken enforcement action against Customers Bank, a crypto-friendly institution, sparking concerns about a possible "crypto reset" by the Harris campaign. Tyler Winklevoss, co-founder of Gemini, highlighted the Fed's move, suggesting it confirms ongoing efforts to restrict crypto banking.
**Key Points:**
- The Fed's 13-page directive requires Customers Bank to notify 30 days in advance before engaging with new crypto clients.
- Winklevoss claims this action centralizes power within the Fed, limiting crypto companies' access to banking.
- Charles Hoskinson, founder of Cardano, echoed these concerns, criticizing the current administration's stance on crypto.
**Background:**
- Between March and August 2023, several crypto-focused banks, including Silvergate and Silicon Valley Bank, collapsed.
- Customers Bank remained stable but capped CBIT deposits at 15% of its total deposits.
The debate continues as industry leaders call for a more decentralized approach to banking decisions.