Custodia Bank, a Wyoming financial institution catering to crypto companies, is downsizing due to the Biden administration's regulatory actions on cryptocurrency. The bank will lay off nine of its 36 employees to conserve capital amidst a legal battle with the Federal Reserve for a master account. This move comes as traditional banks are cautioned against dealing with crypto firms due to perceived risks. Custodia attributes the downsizing to the government's 'Operation Chokepoint 2.0,' likened to a previous initiative restricting banking access to high-risk industries. Despite challenges, Custodia vows to maintain operations until the situation improves. The bank's layoffs coincide with a crucial election that could impact the crypto industry's future, with former President Trump supporting it and Vice President Harris yet to clarify her stance. Harris' associates have engaged with crypto leaders, signaling potential shifts in the administration's approach. Read more AI-generated news on: https://app.chaingpt.org/news