I don’t know how to say it any other way – this is one of the best examples of how more traditional firms in finance treat crypto at the moment, even at the risk of losing the forest for trees. It’s from Anthony Pompliano’s “Off the Chain” newsletter and details a private client of a large bank being considered a “suspicious customer” simply because of their crypto holdings.
Instead of losing a $50MM account quicker than they can blink their eyes, this bank should do an about-face and seriously study the enormous capital markets / private wealth opportunities in digital assets that are unfolding around it.
Here is the mildly redacted letter as it appears on Pomp’s newsletter… enjoy!
(Click or zoom on letter below to enlarge)