So many still talking about crypto "mass adoption", yet this is what it will look like:
Federal Reserve Finalizes Guidelines for Crypto Banks Applying for Master Accounts
The Federal Reserve guidelines are coming two months after Custodia, a crypto bank founded by former Wall Street executive and crypto advocate Caitlin Long, sued the US central bank over delays in approving its application for a master account.
From Custodia itself:
As cryptocurrencies become knit into the fabric of global finance, there’s an urgent need for banks that can handle both digital and traditional assets in a safe, sound, and secure manner. Wyoming led the nation in creating a regulatory framework that allows Special Purpose Depository Institutions (SPDIs) to serve precisely that need.
One issue is insider trading.
Coinbase Insider Traders Profit $1.5M Since 2018: Academic Study
The paper: Insider Trading in Cryptocurrency Markets
However, while writing this paper, the US Securities Exchange Commission (SEC) commenced the first ever prosecution of insider trading in cryptocurrency markets. On July 21, 2022 the SEC issued a complaint arresting and charging a former Coinbase employee (Coinbase is one of the largest crypto currency exchanges in the world) his brother, and a friend, with wire fraud in connection with cryptocurrency insider trading that occurred in April 2022.
Never mind, it's Coinbase. What can go wrong?
Coinbase would shut down ETH staking under regulatory threat, says CEO
and
BlackRock, Coinbase partner to extend crypto trading to institutional investors
while
Cardano Investment Products Now Available to Clients of Major German Banks
And this is how it's done; you need to be in the club in order to get the benefits of membership. That there are no rules as yet, is not a hindrance; just get a sponsor.