The Custodia Bank sued the Central Bank in 2022 because of a delayed decision on their master account application. A judge ruled that the Federal Reserve is not required to provide the bank with access to its master account. Judge Scott Skavdahl stated that Federal Reserve Banks can grant master accounts, but Custodia did not receive approval for theirs. The bank argued that every depository institution under state law should be entitled to a master account, but the court dismissed the claim. Custodia accused the Fed of violating the Administrative Procedures Act, but the court rejected this claim as well. Custodia's application for a master account was filed with the Kansas City Fed in 2020 and was denied in January 2023. The bank is governed by Wyoming law as a special purpose depository institution.
**Custodia Bank Loses Bid for Federal Reserve Master Account**
by Giorgi Kostiuk
2 years ago
Other news
SEC Strengthens Regulatory Capacity with New Chicago Appointments
The SEC has announced key personnel appointments in its Chicago Regional Office to enhance regulatory capacity and oversight in investigations and compliance, particularly regarding digital assets.
Uniswap Faces Feeswitch Debate Amidst Governance Challenges
Uniswap faces a feeswitch debate that highlights the tension between product success and token value in DeFi, as governance decides on value capture in essential infrastructure.
Political Discussions Surrounding Bitcoin Reserve Heat Up
The conversation around a potential Bitcoin reserve in the U.S. is gaining traction, especially in the context of political discussions and market speculation.
MARA Holdings Expands Its Infrastructure with Major Land Acquisition in Texas
MARA Holdings has announced a significant acquisition of land in Texas to develop a computing campus.
AMD to Release Fiscal Q2 2026 Financial Results on August 4
AMD will release its fiscal second quarter 2026 financial results on August 4, 2026.
Wall Street Analysts Raise AMD's Stock Price Targets Ahead of Earnings Report
Wall Street analysts have raised stock price targets for AMD ahead of its earnings report, reflecting optimism about the company's growth potential.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter