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Custodia Files Petition with the U.S. Supreme Court to Advance Its Six-Year Dispute with the Federal Reserve Over a Master Account
Svmuu News: Custodia Bank has filed a petition for review with the U.S. Supreme Court, seeking clarification on whether the presidents of regional Federal Reserve Banks have the authority to deny master account services to institutions. Custodia Bank had applied for a Federal Reserve master account on multiple occasions but was denied by the Federal Reserve in 2023 on the grounds that its novel business model and proposed focus on crypto assets posed significant safety and soundness risks. Custodia Bank subsequently appealed to the U.S. Court of Appeals for the Tenth Circuit, which ruled in favor of the Federal Reserve Bank of Kansas City in 2024. The U.S. Supreme Court will decide in October whether to hear the case. (Bitcoin.com News).
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