美聯儲政策使大銀行具有加密貨幣優勢。

Custodia Bank的創始人兼首席執行官Caitlin Long最近對美聯儲對加密貨幣法規的立場進行了敏銳的觀察。

Caitlin Long, founder and CEO of Custodia Bank, has slammed the Federal Reserve for its lingering anti-crypto stance and the structural advantage it gives to big banks, particularly in the emerging stablecoin landscape.

Custodia Bank的創始人兼首席執行官Caitlin Long因其揮之不去的反克雷普托立場及其對大型銀行的結構性優勢而抨擊美聯儲，尤其是在新興的Stablecoin景觀中。

In a detailed Twitter thread, Long explains how the Biden administration, in coordination with the Fed, had announced several statements targeting crypto on January 27, 2023.

在詳細的Twitter線程中，Long解釋了拜登政府如何與美聯儲協調，宣布了針對2023年1月27日的Crypto的幾項陳述。

Of the five issued regulations, four have since been rescinded, leaving only one still in place. The fact that this particular guidance is being kept while others are revoked highlights a broader narrative, Long says.

在五個發布的法規中，有四個被撤銷，只剩下一個規定。朗說，這一特殊指導被保存而其他人被撤銷的事實強調了一個更廣泛的敘述。

The remaining policy, issued by the Fed, prevents banks from having direct exposure to cryptocurrencies or engaging in crypto custody services. It also favors permissioned (i.e., controlled by a select group) stablecoins over broader decentralized innovation.

美聯儲發布的剩余政策使銀行無法直接接觸加密貨幣或從事加密監護服務。它還有利於允許（即，由精選組控制）穩定的穩定創新。

This preference is not shared by other federal banking agencies, such as the OCC and FDIC, both of which have already rescinded their similar positions. In contrast, the Fed maintains this regulatory bias.

這種偏好並未由其他聯邦銀行機構（例如OCC和FDIC）共享，這兩者都已經取消了他們的類似立場。相比之下，美聯儲維持這種調節偏見。

“This is the essence of the Fed’s policy: It supports permissioned (read: big bank-led) stablecoins and not broader decentralized innovation, which is the domain of startups and smaller institutions,” Long explains.

朗解釋說：“這是美聯儲政策的本質：它支持允許的（閱讀：大銀行主導）的穩定股，而不是更廣泛的分散創新，這是初創企業和較小機構的領域。”

Moreover, a stablecoin bill is currently being deliberated by Congress, and it would effectively overturn the Fed’s favoritism for permissioned blockchains.

此外，國會目前正在審議一項穩定法案，它將有效地推翻美聯儲對許可區塊鏈的偏愛。

However, until this legislation is passed, big banks are given a critical early-mover advantage with their private stablecoins, positioning them strongly before the broader stablecoin market opens up.

但是，在通過這項立法通過之前，大型銀行將通過其私人穩定者獲得重要的早期改動優勢，並在更廣泛的穩定市場開放之前將其放置在強烈的位置。

“Congress should hurry up!” Long adds.

“國會應該快點！”長添加。

Beyond stablecoins, the Fed’s retained policies on crypto custody are also creating practical difficulties for banks.

除了Stablecoins之外，美聯儲保留有關加密貨幣保管的政策也為銀行帶來了實際困難。

“The Fed is making it difficult for banks to provide digital asset custody services by keeping in place a policy that was announced in January 2023 to the effect that banks can’t have direct exposure to crypto assets,” Long explains.

朗解釋說：“美聯儲使銀行很難通過保持一項政策，該政策於2023年1月宣布，即銀行無法直接接觸加密貨幣資產，” Long解釋說。

This stance contrasts with that of the SEC, which permits institutions to hold cryptocurrencies in a custodial capacity.

這種立場與SEC的立場形成鮮明對比，SEC允許機構以拘留能力持有加密貨幣。

“If a bank applies for a crypto custody license from state banking regulators, they are told that they can’t also provide banking services for crypto companies because the Fed doesn’t allow it,” Long adds.

朗補充說：“如果一家銀行申請州銀行監管機構的加密保管許可證，他們被告知他們也不能為加密貨幣公司提供銀行服務，因為美聯儲不允許這樣做。”

Thus, by blocking direct crypto exposure, the Fed is quietly discouraging banks from entering the digital asset custody market.

因此，通過阻止直接加密貨幣暴露，美聯儲悄悄地阻止銀行進入數字資產監護市場。

In Long’s view, the Fed’s current position serves two purposes: It attempts to stall the broader adoption of crypto technologies and favors traditional banking institutions in the emerging Web3 landscape.

朗認為，美聯儲目前的職位有兩個目的：它試圖阻止更廣泛的加密技術採用，並有利於新興的Web3景觀中傳統的銀行機構。

“The Fed is trying to slow down crypto adoption and is making it harder for startups to build new technologies. They are also trying to help big banks get a head start in areas like stablecoins,” she concludes.

她總結說：“美聯儲試圖減慢加密貨幣的採用，並使初創企業更難建立新技術。他們還試圖幫助大型銀行在諸如Stablecoins之類的領域中取得成功。”