BREAKDOWN: Crypto’s Appetite for Legal Battles Is Growing
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 10 June 2022
⏱️ 13 minutes
🧾️ Download transcript
Summary
Custodia Bank has sued the Federal Reserve.
This episode is sponsored by Nexo.io, NEAR and FTX US.
There is a growing appetite among crypto companies to avail themselves of the legal system to fight for what they believe. This week, Custodia Bank (formerly Avanti), run by Caitlin Long, filed suit against the Federal Reserve for failing to process the bank’s master account application. Grayscale, meanwhile, has hired President Obama’s former Solicitor General, Donald B. Verrilli Jr., to have legal resources to mount a challenge depending on the results of their application to convert the Grayscale Bitcoin Trust into an exchange-traded fund.
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“The Breakdown” is written, produced by and features Nathaniel Whittemore aka NLW, with editing by Rob Mitchell, research by Scott Hill and additional production support by Eleanor Pahl. Jared Schwartz is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsors is “Catnip” by Famous Cats and “I Don't Know How To Explain It” by Aaron Sprinkle. Image credit: Vasil Dimitrov/Getty Images, modified by CoinDesk. Join the discussion at discord.gg/VrKRrfKCz8.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:15.0 | The breakdown is sponsored by nexo.io, near an FTX, and produced and distributed by CoinDesk. |
| 0:22.8 | What's going on, guys? It is Friday, June 10th, and today we are talking about crypto, |
| 0:28.1 | bringing the fight to regulators through the legal system. A couple housekeeping notes before we |
| 0:34.4 | dive in, there are two ways to listen to the breakdown podcast. |
| 0:38.3 | You can hear it on the Coin Desk podcast network feed, which features the breakdown as well as other |
| 0:42.7 | great Coin desk shows and comes out in the afternoon. Or you can wait a few hours for the show to |
| 0:47.9 | come out in the evening on the breakdown only feed. Wherever you're listening to the show, |
| 0:52.5 | if you're enjoying it, I would so appreciate a |
| 0:54.8 | five-star rating and a review. It makes a big difference. Lastly, a disclosure as always. In addition to |
| 1:00.6 | them being a sponsor of the show, I also work with FTX. So this weekend, you're going to hear |
| 1:05.6 | some interviews that happen at the Consensus Festival. And so today I'm going to do a bit of the |
| 1:10.8 | weekly recap-style |
| 1:12.1 | show, even though it's only Friday. Where I want to start is what appears to be an emerging |
| 1:17.2 | theme, which is the crypto industry taking the battle to regulators in a more direct way. |
| 1:22.3 | Custodia Bank, which used to be called Avanti, and which is headed by Caitlin Long, has sued |
| 1:27.3 | the Federal Reserve. |
| 1:28.9 | Their accusation is that the Fed is unlawfully delaying a decision on custodia's application |
| 1:34.0 | for a master account, which is the way that banks access the Federal Reserve directly, |
| 1:38.7 | rather than going through an intermediary bank. The suit was filed in the District Court of Wyoming |
| 1:43.0 | and accuses the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City of filed in the District Court of Wyoming and accuses the Federal Reserve |
... |
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