Custodia failed to wet the Fed’s beak.
Custodia’s application should have interwoven the currency validation narrative into its sales pitch to the Fed. It would still have had to address the illicit activities/AML issues, but the Board’s ears may have stayed open a little while longer, giving Custodia time to finagle the right language or work out some compromise. Continue reading Custodia failed to wet the Fed’s beak.
Lawyers Write the Bets. Bankers Sell the Bets. 