Pro-XRP lawyer thinks this lesser known lawsuit is most important for crypto industry RippleXRP Ripple XRPArmy XRPCommunity XRPHolders $XRP
Deaton goes on to explain the implications of the Custodia case, citing the recent Binance U.S. scenario.In a recent update, Binance U.S. says its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, thus suspending USD deposits.
This comes just days after the SEC sued Binance and its CEO, Changpeng Zhao. The CryptoLaw founder stated,"Whether we like it or not, today, crypto companies need banking for on- and off-ramps."Custodia Bank, according to Deaton, has a very controversial and revolutionary idea: not engage in fractional banking while maintaining 100% in reserves. With 100% in reserves, a bank run becomes a non-issue because there is no fear of not getting all your funds or assets out at any moment.
Deaton added that the Federal Reserve does not like this revolutionary concept, and ignoring its statutory mandate, it arbitrarily denied Custodia Bank a charter. Custodia sued the Fed, and the judge just denied the Fed's motion to dismiss, allowing Custodia to go forward with discovery.
Currently, the altcoin market is witnessing a massive sell-off, with some cryptocurrencies being discounted by as much as 30%. XRP remains down 7.61% in the last 24 hours at $0.49.
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