Custodia files petition with the US Supreme Court, advancing 6-year dispute with the Fed over 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 accounts to institutions. Custodia Bank had repeatedly applied for a Fed master account, but was rejected in 2023. The Fed cited significant safety and soundness risks associated with the bank's novel business model and its planned primary focus on crypto assets. Custodia Bank subsequently appealed to the U.S. Tenth Circuit Court of Appeals, 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 hear the case. (Bitcoin.com News).