CandleFocus Crypto Bank Custodia Plans More Layoffs Amid Intense Regulatory Scrutiny
2024-11-21
Author: Content Editor
Wyoming-based crypto bank Custodia is considering further layoffs as it faces ongoing regulatory scrutiny under the Biden administration. The bank has already laid off 25% of its staff in August and continues to devote resources to a lawsuit against the Federal Reserve. The bank has been denied a master account, which would give it access to the Fed's liquidity facilities. Custodia Bank founder and CEO Caitlin Long has indicated that the layoffs may continue until the end of Operation Choke Point 2.0, referring to the alleged crackdown on digital assets under the Biden administration. Other companies in the crypto industry, such as Consensys, have also announced significant layoffs amid regulatory pressure. There is hope within the industry for a more supportive regulatory environment under the incoming Donald Trump administration.
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