Odaily Planet Daily News: The Biden administration's regulatory crackdown on cryptocurrencies has led to a major restructuring of a small but high-profile crypto bank. Custodia Bank, a Wyoming financial institution that provides banking services to cryptocurrency companies, notified employees Thursday morning that it would lay off nine of its 36 employees to preserve capital in a court battle with the U.S. central bank. The layoffs come as Custodia is embroiled in a legal dispute with the Federal Reserve, which is fighting for the so-called master account, which allows state-chartered institutions to use the Fed's liquidity facilities, including payment services. Without a master account, banks are forced to do business through other institutions that have master accounts, which often incurs high costs. Custodia executives blamed the layoffs on what they called the U.S. federal government's "Operation Chokepoint 2.0," as they viewed it as a coordinated action by the Biden administration to cut off the industry from the broader banking system. (Fox)