Crypto-Focused Custodia Bank Denied Federal Reserve System Membership

Two weeks ago, Caitlin Long-founded Custodia Bank (formerly Avanti Bank), which is not yet in operation, learned the U.S. Federal Reserve Board had denied its application for membership, which would have formalized an association with the general reputation of the U.S. central bank. This comes amid continued Binance woes. "The Hash" hosts discuss why this is potentially alarming for crypto banking and the larger industry.