Crypto Bank Custodia Suffers Another Court Rejection in Fed Master Account Pursuit
Crypto bank Custodia, founded by Caitlin Long, still cannot get access to the Federal Reserve’s payment rails after an appeals court ruled against its years-long effort to get a so-called “master account” with the U.S. central bank.
The 10th Circuit Court of Appeals ruled Friday that the Wyoming special purpose depository institution could not force the Fed to grant it master account access, affirming a lower court ruling against Custodia last year.
“We conclude the plain language of the relevant statutes grants Federal Reserve Banks discretion to reject master account access requests from eligible entities and, therefore, we reject Custodia’s attempt to impair the Fed’s ability to safeguard our nation’s financial system through the…
