On August 30th, according to Fox Business, the Biden administration's regulatory crackdown on cryptocurrencies has led to a major restructuring of a small but high-profile crypto bank. Custodia Bank, a Wyoming-based financial institution group that provides banking services to cryptocurrency companies, informed employees Thursday morning that it would lay off nine of its 36 employees in a court battle with the U.S. central bank to preserve capital, the media learned. The layoffs come as Custodia is locked in a legal battle with the Federal Reserve, which it is battling for so-called master accounts that allow state-chartered institutions to use the Fed's liquidity facilities, including payment services. Without a master account, the bank is forced to conduct business through other institutions that have master accounts, often at high cost.