In this episode, Caitlin Long analyzes bitcoin businesses under the Biden Administration. She begins with her reasons for building Custodia and the importance of opening banking to all industries. Caitlin critiques the SEC's recent court losses and explores Custodia's efforts to obtain a master account at the Federal Reserve, contrasting Custodia's approach with the Federal Reserve's stance. The discussion moves to Operation Choke Point 2.0, the future of banking, and whether de-banking is a subtle attempt to ban bitcoin and crypto. Caitlin shares her thoughts on the surprise of ETF approvals and the more unknown risks of centralized exchanges. She speculates on the products banks might offer once they enter the bitcoin space and the impact of rehypothecation on bitcoin's price.  SUPPORT THE PODCAST: → Subscribe → Leave a review → Share the show with your friends and family → Send us an email [email protected] TIMESTAMPS: 00:00:00 Intro 00:01:26 Why did Caitlin build Custodia? 00:02:43 Opening banking to all industries 00:04:26 SEC continues losing court cases 00:05:46 Master account at the Federal Reserve 00:11:49 Custodia vs Federal Reserve 00:16:13 Operation Choke Point 2.0 00:21:05 Future of banking? 00:22:50 Is de-banking a roundabout way to ban bitcoin and crypto? 00:30:38 How surprising were the ETF approvals? 00:35:54 Unknown risk of centralized exchanges 00:38:50 When banks come what products will they offer? 00:43:08 Does rehypothecation affect the price of bitcoin? 00:46:37 Banking industry endgame–fractional reserve vs full reserve? 00:52:35 Are you surprised Tether never died? 00:57:00 What is the biggest risk to bitcoin? 01:00:12 Closing thoughts WHERE TO FOLLOW US: → Unchained Twitter: https://twitter.com/unchainedcom → Unchained Linkedin: https://www.linkedin.com/company/unchainedcom  → Unchained Newsletter: https://unchained.com/newsletter  → Joe Burnett’s Twitter: https://twitter.com/IIICapital → Caitlin Long’s Twitter: https://x.com/CaitlinLong_