In a recent tweet, Kraken co-founder Jesse Powell suggested U.S. regulators like it when bad actors beat good actors because it takes down the crypto industry and the bad actors can be jailed later. In this episode, NLW explores the issue in the context of Custodia Bank’s battle to join the Federal Reserve system, and its argument that it is being unlawfully used as a “sacrificial lamb” in the wake of the FTX failure.
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