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Yeah, yeah, the BNY Mellon entered the crypto custody business. The real story here is Custodia Bank’s Caitlin Long’s emotional speech at DC Fintech Week. The bitcoin enthusiast banker left the rest of the panel speechless by accusing the Federal Reserve of giving preferential treatment to BNY Mellon. “We’ve been waiting for two and a half years to do that,” Caitlin Long said referring to Custodia Bank and bitcoin custody services.
Watch what they do not what they say. #Bitcoin pic.twitter.com/WV2YtXhCkX
— Magoo PhD (@HodlMagoo) October 11, 2022
She’s a professional, but it’s obvious that Caitlin Long is making an effort to hold it all in. She announces that the BNY Melon “has officially now entered bitcoin custody” and poses the question of “Whether crypto truly is risky within the traditional banking system.” You see, BNY Mellon is a “bank holding company supervised by the Federal Reserve,” so they had to approve of this. For their part, Custodia Bank is an entity that’s suing the Federal Reserve because they won’t allow them to provide that exact same service.
Long finishes her short but powerful speech by threatening the Fed, “you will see a filling from my company in that lawsuit pertaining to the announcement this morning.” The BNY Mellon announcement, that is.
BNY Mellon And Crypto, What Do We Know?
When mainstream media reports on bitcoin and crypto, it’s mostly doom and gloom. When Reuters reports about BNY Mellon getting into the crypto custody business, it’s all about “tapping into the popularity of bitcoins and ethers” and “trading in c
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