Originally aired on June 28, 2023
The Federal Reserve recently released a list of financial institutions with access to their services, but it was not voluntarily done for transparency. Congress forced the disclosure, coinciding with the SEC’s targeting of crypto asset companies. The list raises questions about the eligibility of some institutions and highlights the lack of transparency in traditional banking. It also emphasizes the importance of conducting due diligence when using crypto asset exchanges.
Sub-Title: Why did the Federal Reserve publish the list of financial institutions with access to their services?
- Congress forced the Federal Reserve to disclose the list, not for the sake of transparency.
- The release coincided with the SEC’s actions against crypto asset companies, including Coinbase and Binance.
- The list raises questions about the eligibility and proper operation of some institutions.
- The traditional banking industry often allows certain institutions to operate despite potential issues due to influential connections.