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
Shift Towards Multi-Asset Basket ETFs in Crypto Market

The ETF market is evolving towards multi-asset basket ETFs as investor appetite matures.

Institutional Demand for XRP via ETFs Could Trigger Major Supply Shock

Crypto expert UnknowDLT warns that institutional purchases of XRP through newly launched spot ETFs may lead to a significant supply shock.

Shiba Inu Faces Continued Decline Despite New Marketing Strategies

Shiba Inu's price has dropped over 3% today, even with the introduction of a new payment card and a giveaway of 114 million tokens.

XRP Price Predictions Heat Up as Analysts Anticipate Climb

Analysts are predicting a potential rise in XRP prices, with growing sentiment and trader interest.

Altcoins Experience Significant Gains Amid Bitcoin Recovery

Altcoins, including ZEC and XMR, have shown significant gains amid Bitcoin's recovery, with ZEC rising by 14% and XMR by 16%, contributing to a total market cap increase of over 60 billion.

Aptos Faces Decline in Network Activity as Engagement Weakens

Aptos has experienced a significant decline in network activity, with a drop in active addresses and total value locked, raising concerns about its long-term 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