THELOGICALINDIAN - Avanti already has a appropriate purpose coffer allotment in Wyoming but they appetite added The digitalassetfocused alignment is applying to become a Federal Reserve affiliate coffer If accepted Avanti will be accountable to the actual aforementioned authoritative basic acquiescence and authoritative assay standards that administer to acceptable banks That goes in band with how they ascertain themselves In the official account that Avanti beatific to the columnist they affirmation that purpose is to serve as a adjustable arch to the US dollar payments arrangement and a babysitter of agenda assets that can accommodated the strictest akin of institutional aegis standards
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And they’re actual assured about their chances.
But, do they absolutely accept a adventitious of acceptable a Federal Reserve affiliate bank? Or is there resistance?
Why Does Avanti Want To Become A Federal Reserve Member Bank?
For a beeline answer, we accept to go to the Wall Street Journal article that accepted Avanti’s plans. The WSJ says:
However, in Avanti’s own account we can acquisition added clues, assertions, and accessory reasons:
How Are Traditional Banks Reacting To Avanti ‘s Plans?
This allotment is key to the accomplished Avanti story. Again, the Wall Street Journal credibility us in the appropriate direction:
But it’s by attractive into said letter to the Fed, that we acquisition about the akin of captivation that the Independent Community Bankers of America is attractive to get.
Caitlin Long’s Response To Traditional Banking
In a Twitter thread acknowledging the announcement, Avanti’s CEO Caitlin Long took aim at her colleagues. “Ironically, the coffer industry’s lobbyists accumulate adage crypto needs to be accountable to college standards than acceptable banks. But their own banks are now accepting into crypto too, and so it’s absolutely funny to watch the coffer lobbyists tie themselves in knots.”
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And she makes a acceptable point, there. Who should administer whom? According to Long, her colleagues are consulting her about approaching crypto-related services. And they assignment for the aforementioned banks that are alive to “slow down” Avanti ‘s “regulatory process.”
One aftermost shot, Caitlin Long finishes by adage “I abstruse article from this tweet” by the columnist of the Wall Street Journal’s article:
Does Avanti accept a attempt at acceptable a Federal Reserve affiliate bank? The board is still out.
