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
Made with AI
Tier I
Sector: #18291
Sealed Cache Room
Resource Cache
Tier I
Meme Cache
Tier I
Equipment Cache
Tier I
After collecting, caches will be stored in your inventory and can be opened with Keys.
Tier I
Sector: #18291
25%
50%
75%
100%
Tier II
Survivors rescued:
0 / 600
Survivors
0/0
Other news
Cumulative Inflows into US Spot Solana ETFs Reach $116 Billion
Cumulative inflows into US spot Solana ETFs have surpassed $116 billion, indicating growing institutional interest in the token.
Binance to Remove Seven Spot Trading Pairs on August 21
Binance has announced the removal of seven spot trading pairs on August 21 at 0300 UTC, including SUIBNB and LTCBNB, as part of its market optimization process.
HYPE Token Briefly Surpasses Dogecoin in Market Capitalization
On August 20, Hyperliquids HYPE token briefly surpassed Dogecoin in market capitalization, highlighting a significant valuation shift.
Cardano Foundation Unveils Dijkstra Proposal to Enhance Smart Contract Efficiency
The Cardano Foundation has published a draft of the Dijkstra proposal to enhance smart contract execution and compute efficiency.
XRP Reclaims 110 Level Amid Broader Crypto Strength
XRP surged 11% intraday to reclaim the 110 level, signaling a short-term win for bulls after weeks of volatile trading.
Ripple CEO Highlights Growing Crypto Ownership Among Americans
Ripple CEO Brad Garlinghouse highlights that 67 million Americans now hold cryptocurrency, indicating a shift from fringe to mainstream adoption.
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