Svmuu News The U.S. Court of Appeals for the Tenth Circuit, in a 7-3 vote, has denied crypto bank Custodia's request for an en banc rehearing. This decision upholds the October 2025 panel ruling, affirming the Federal Reserve's authority to approve or deny master account applications from eligible institutions.
Custodia is a Wyoming-chartered special purpose depository institution founded by Caitlin Long. The company applied for a master account in October 2020, which was subsequently denied by the Federal Reserve Bank of Kansas City in January 2023, citing risks associated with its crypto business model. Custodia filed a lawsuit arguing that eligible depository institutions are entitled by law to a master account, but this claim has not been supported at any level of the court system. (TheBlock)