One of the lingering questions for the cryptocurrency industry is how the incredibly small and foreign-owned Farmington State Bank, now Moonstone Bank, was able to acquire regulatory guidance under the Federal Reserve.

As previously reported, Moonstone received an $11.5 million investment from Sam Bankman-Fried’s now-bankrupt Alameda Research in March. It’s owned by a company called FBH — its chairman, Jean Chalopin, also chairs Deltec Bank and Trust. Deltec’s major clients include Tether and Alameda. Chalopin sits on Moonstone’s board of directors.

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