BlockBeats reported on November 26 that, according to CrowdFund Insider, the board of the cryptocurrency bank Custodia Bank voted this week to further reduce its operational scale and retain capital in response to significant cryptocurrency policy reforms expected from the new Washington government. The bank stated that this move will preserve its banking license, API-based real-time payment and Bitcoin custody platform, and patents for bank-issued stablecoins as core businesses.
Custodia Bank founder and CEO Caitlin Long stated that despite facing multiple unjust bank removals, she is satisfied with the team, customer service, and team resilience. In August of this year, influenced by the Biden administration's cryptocurrency asset regulatory policies, Custodia Bank cut 9 out of 36 employees to save resources for the legal battle with the Federal Reserve. The bank is striving to obtain master account access, which would allow it to directly access the Federal Reserve's liquidity tools and avoid additional costs through other institutions.