- Caitlin Long has been granted the same powers as national banks for its specific business lines.
- Her company Avanti Bank and Trust, where she is the founder and chief, has been awarded a bank charter which for digital assets comes with custody services.
- By next year Avanti will be providing commercial accounts and in the past Miss. Long has helped Wyoming with a cryptocurrency regulatory framework.
Caitlin Long now has the same powers as national banks
Caitlin Long has been granted the same powers as national banks within the margin of its specific business lines. Her company Avanti Bank and Trust, where she is the founder and chief, has been awarded a bank charter, which for digital assets comes with custody services.
By next year Avanti will be providing commercial accounts. Caitlin Long said:
“Avanti’s mission is to provide a compliment bridge between the traditional and digital financial systems, with the strict level of institutional custody standards.”Caitlin Long said to Trust Nodes
In the past Miss. Long has helped put in place for Wyoming a regulatory framework suited for cryptocurrency. Another big name to get the same bank charter last month was Kraken.
The changes Avanti Bank and Trust, Wyoming and, Kraken are undergoing suggest a shift in digital currency perception. In the past, cryptocurrency faced persecution by banks, but now it seems that banks can orbit around the crypto-sphere.
Some major changes in the bank and bitcoin relationship started in 2017 when the Office of the Comptroller of the Currency pushed for more regulatory assistance to ensure banks could trust blockchain. The Office’s unit that dealt with the treasury and national banks, along with the federal savings associations, released a lot of letters.
The Treasury Department unit released letters that explained how it believed traditional banks could work with the digital market. Thanks to the quick action in addressing fear of the risks and expenses cryptocurrency could bring, there is now a positive change in the department’s banks.