Within a few hours on Jan. 27, Wyoming’s goal of becoming a worldwide leader in banking and crypto assets through the establishment of special purpose depository institutions became the target of three announcements from the White House and the Federal Reserve Board.

Simultaneously, the Federal Reserve Board announced that it had denied the application by Custodia Bank Inc. of Cheyenne to become a member of the Federal Reserve System and released a policy statement tightening rules on banks with or without deposit insurance. In a blog post, the White House stated its commitment to assuring increased safeguards are put in place to “ensure that new technologies are secure and beneficial to all — and that the new digital economy works for the many, not just the few.”

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