So much for Wyoming blockchain regulatory capture – the Fed blocks Custodia Bank

“The Board’s order phrases it in bureaucratic euphemisms — but they understood extremely well that this was a gang of inept grifters. The fundamental issue is that Custodia have no idea what they’re doing. The order notes repeatedly that:

considerations relating to the managerial factor are so adverse as to present sufficient grounds on their own for warranting denial of the application.”

“considerations relating to the managerial factor are so adverse as to present sufficient grounds on their own for warranting denial” is my new favorite phrase. Useful in so many situations…

Archive [1]

[1] - https://archive.is/Z7MZa