💼【Custodia Bank layoffs: crypto banks vs. the Fed】💼

As the Biden administration steps up regulation of cryptocurrencies, Wyoming-based crypto bank Custodia Bank announces major restructuring. Due to a legal dispute with the Federal Reserve over its master account, Custodia Bank will lay off nine of its 36 employees to preserve capital.

Custodia executives attributed the layoffs to the so-called "Operation Chokepoint 2.0," which they believe is an attempt by the federal government to sever ties between the crypto industry and the traditional banking system.

What do you think of this crypto bank vs. the Fed? See you in the comments! 👇