3min chapter

Coin Stories with Natalie Brunell cover image

Caitlin Long: The Battle with Washington D.C. Over Crypto & Bitcoin ("Then They Fight Us")

Coin Stories with Natalie Brunell

CHAPTER

The Cryptocurrency Industry and the Federal Reserve Bank

Silvergate and Signature Bank were two entities that provided an avenue for the crypto platforms to essentially be connected to the traditional banking system. The bank's business model was rejected by the Fed because it didn't keep 100% of customer demand deposits in cash, which is what regulators want banks to do. "We need to be able to convert our fiat currency and our dollars into Bitcoin," said Silvergate CEO John Defterios.

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