Custodia files petition with US Supreme Court, advancing 6-year dispute over Federal Reserve master account

Odaily Odaily News: Custodia Bank has filed a petition for a writ of certiorari with the U.S. Supreme Court, seeking a ruling on whether a regional Federal Reserve Bank president has the authority to deny master account services to an institution. Custodia Bank had repeatedly applied for a Federal Reserve master account but was denied in 2023 by the Fed, citing significant safety and soundness risks associated with its novel business model and its planned primary focus on crypto assets. 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 is expected to decide in October whether to take up the case. (Bitcoin.com News).