美联储政策使大银行具有加密货币优势。

Custodia Bank的创始人兼首席执行官Caitlin Long最近对美联储对加密货币法规的立场进行了敏锐的观察。

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的创始人兼首席执行官Caitlin Long因其挥之不去的反克雷普托立场及其对大型银行的结构性优势而抨击美联储，尤其是在新兴的Stablecoin景观中。

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.

在详细的Twitter线程中，Long解释了拜登政府如何与美联储协调，宣布了针对2023年1月27日的Crypto的几项陈述。

Of the five issued regulations, four have since been rescinded, leaving only one still in place.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.

在五个发布的法规中，有四个被撤销，只剩下一个规定。朗说，这一特殊指导被保存而其他人被撤销的事实强调了一个更广泛的叙述。

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.

美联储发布的剩余政策使银行无法直接接触加密货币或从事加密监护服务。它还有利于允许（即，由精选组控制）稳定的稳定创新。

This preference is not shared by other federal banking agencies, such as the OCC and FDIC, both of which have already rescinded their similar positions.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.

这种偏好并未由其他联邦银行机构（例如OCC和FDIC）共享，这两者都已经取消了他们的类似立场。相比之下，美联储维持这种调节偏见。

“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.

朗解释说：“这是美联储政策的本质：它支持允许的（阅读：大银行主导）的稳定股，而不是更广泛的分散创新，这是初创企业和较小机构的领域。”

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

此外，国会目前正在审议一项稳定法案，它将有效地推翻美联储对许可区块链的偏爱。

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，在通过这项立法通过之前，大型银行将通过其私人稳定者获得重要的早期改动优势，并在更广泛的稳定市场开放之前将其放置在强烈的位置。

“Congress should hurry up!” Long adds.

“国会应该快点！”长添加。

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

除了Stablecoins之外，美联储保留有关加密货币保管的政策也为银行带来了实际困难。

“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.

朗解释说：“美联储使银行很难通过保持一项政策，该政策于2023年1月宣布，即银行无法直接接触加密货币资产，” Long解释说。

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

这种立场与SEC的立场形成鲜明对比，SEC允许机构以拘留能力持有加密货币。

“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.

朗补充说：“如果一家银行申请州银行监管机构的加密保管许可证，他们被告知他们也不能为加密货币公司提供银行服务，因为美联储不允许这样做。”

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

因此，通过阻止直接加密货币暴露，美联储悄悄地阻止银行进入数字资产监护市场。

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.

朗认为，美联储目前的职位有两个目的：它试图阻止更广泛的加密技术采用，并有利于新兴的Web3景观中传统的银行机构。

“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.

她总结说：“美联储试图减慢加密货币的采用，并使初创企业更难建立新技术。他们还试图帮助大型银行在诸如Stablecoins之类的领域中取得成功。”