Avanti Bank Statement on Federal Reserve Board Review of Payments System Access
May 5th, 2021; Cheyenne, WY –
Statement from Caitlin Long, founder, chairman and CEO, Avanti:
“To see the Federal Reserve propose to formally recognize nontraditional bank charters as eligible for payment system access is a welcome development. It’s a great stride for the system and industry, and we appreciate the consistency and transparency this framework would afford. We also applaud the Fed’s openness to greenlighting innovation. This move toward federal recognition validates the pioneering work the state of Wyoming has done to introduce a wave of innovation in financial services. Wyoming’s special purpose depository institution (SPDI) framework for nontraditional banks — the first novel bank charter in the U.S. in decades — fits within the Fed’s proposed principles. As the second recipient of an SPDI charter, Avanti looks forward to demonstrating in practice that SPDIs can and do meet the highest regulatory standards for safety and soundness, with rigorous oversight.”
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About Avanti: Avanti Financial Group, Inc. is a Wyoming bank formed to serve as a compliant bridge to the U.S. dollar payments system and a custodian of digital assets that can meet the strictest level of institutional custody standards. Avanti is required to fully comply with all applicable laws and regulations, including the Bank Secrecy Act and federal “know your customer,” anti-money laundering and related laws and regulations. Avanti will also comply with Wyoming’s special purpose depository institution and digital asset laws, which include requirements that fiat deposits be 100% reserved and that Avanti meet the strictest consumer protections in the digital asset industry. This press release may contain forward-looking statements, including forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
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