Summary:

Amsterdam-based Adyen has been granted access to the new 24-hour payment system FedNow. However, Caitlin Long, CEO of Custodia Bank, has filed a lawsuit against the Federal Reserve over the master account issue. She argues that the Federal Reserve is not applying the law correctly. Long also mentions that the Federal Reserve is blocking the acquisition of a master account by eight additional fintech companies, four of which are in the crypto market. Long believes that the crypto sector may be the one to challenge the government’s intrusiveness and highlights the increasing support from the courts for the industry.

Introduction:

Amsterdam-based Adyen has been among the first group of 35 financial institutions granted access to the new 24-hour payment system FedNow. However, Caitlin Long, CEO of Custodia Bank, has filed a lawsuit against the Federal Reserve over the master account issue. She argues that the Federal Reserve is not applying the law correctly and claims that Adyen “backdoored itself into the system,” calling it “very un-American.” Additionally, the Federal Reserve is blocking the acquisition of a master account by eight additional fintech companies, including four in the crypto market. Long believes that the crypto sector may be the one to challenge the government’s intrusiveness and highlights the increasing support from the courts for the industry.

Main Points:

• Amsterdam-based Adyen has been granted access to the new 24-hour payment system FedNow.
• Caitlin Long, CEO of Custodia Bank, has filed a lawsuit against the Federal Reserve over the master account issue.
• Long argues that the Federal Reserve is not applying the law correctly and claims that Adyen “backdoored itself into the system.”
• The Federal Reserve is also blocking the acquisition of a master account by eight additional fintech companies, including four in the crypto market.
• Long believes that the crypto sector may be the one to challenge the government’s intrusiveness and highlights the increasing support from the courts for the industry.

Conclusion:

Amsterdam-based Adyen has been granted access to the FedNow system, while CEO Caitlin Long is in the middle of a lawsuit against the Federal Reserve over the master account issue. Long argues that the Federal Reserve is not applying the law correctly and accuses Adyen of securing a position in the system through a backdoor. The Federal Reserve is also blocking the acquisition of master accounts by eight other fintech companies, including four in the crypto market. Long believes that the crypto sector may be the one to challenge the government’s intrusiveness, citing the increasing support from the courts for the industry. The situation highlights the ongoing tension between traditional financial institutions, fintech companies, and the crypto sector.