US Fed denies Custodia Bank membership over crypto concerns  

The US Federal Reserve has denied Custodia Bank's membership application due to concerns over its involvement in the crypto industry. The Fed cited heightened illicit finance and safety and soundness risks, as well as a lack of a sufficient risk-management framework for its proposed cryptoasset-related activities.

https://blockchain.news/news/us-fed-denies-custodia-bank-membership-over-crypto-concerns