Thread by @CaitlinLong_

1/ TODAY @AvantiBT CONFIRMED A REPORT in today's @WSJ that it filed an application to become a Federal Reserve member bank. 💪 Here are links to Avanti's statement & the WSJ story:
wsj.com/articles/crypt…

avantibank.com/press/avanti-s…

2/ This means @AvantiBT formally submitted to what it had already informally accepted--namely, the very same regulatory capital, compliance and supervisory examination standards that apply to traditional banks.

3/ It also means @AvantiBT is seeking federal supervision directly by the Fed itself (in addition to Avanti's existing regulator, #Wyoming Division of Banking). Avanti's Fed membership application is distinct from its prior application for payment system access (filed Oct 2020).

4/ In other words, @AvantiBT is the first digital asset bank to seek regulation by the Fed itself. Given everything happening in DC with #crypto regulation, this is important. There's a bigger story to tell, but out of respect for the process I won't say more at this juncture.

5/ Ironically, the bank industry's lobbyists keep saying #crypto needs to be subject to higher standards than traditional banks. But their own banks are now getting into crypto too, and so it's really funny to watch the bank lobbyists tie themselves in knots.😂

6/ And, even funnier--my pals at various banks keep calling to ask for my help with #crypto, while at the very same time their own lobbyists are attacking us with falsehoods & trying to slow down our regulatory process. Hypocrisy much??!!🤪🤦‍♀️

7/ Last, here's an interesting exchange re: today's @WSJ article. I learned something from this tweet.🤔

https://twitter.com/amacker/status/1431614104133902341?s=20

Stay tuned for news about @AvantiBT--no updates on launch date yet given all of these machinations, but everyone is hard at work!🤠