BlockchainAssn submits amicus brief supporting Custodia, urging Supreme Court to review Federal Reserve master account access discretion

Odaily News: Fox Business crypto reporter posted on X platform that the crypto industry organization BlockchainAssn has submitted an amicus brief supporting Custodia Bank's application to the U.S. Supreme Court, urging the Supreme Court to review whether regional Federal Reserve banks have the authority to deny qualified state-chartered banks access to master accounts. The organization warned that lower court rulings supporting the Federal Reserve grant the central bank broad power to disqualify industries or companies it does not recognize from banking services, and in effect decide which state-chartered banks can operate. Meanwhile, the Federal Reserve Bank of Kansas City has been granted an extension to respond to Custodia's application until September 11.