Crypto bank Custodia chalked a recent ruling in its battle against the Fed as a key win.

In light of the Wyoming Federal Judge’s decision released on Thursday, which denied the Federal Reserve’s bid to dismiss its lawsuit against it, Custodia Bank has been instilled with renewed hope in its ongoing legal battle against the institution.

Custodia, founded by Morgan Stanley veteran Caitlin Long in 2020, was designed to provide a bridge between digital assets and the U.S. dollar system.

In its June 2022 lawsuit, it accuses the Federal Reserve of unlawfully delaying its application for a so-called master account, a crucial component for it to operate effectively in the U.S. financial system.

This January, the crypto bank amended its complaint and is now demanding whether the Fed has the authority to block Custodia from landing a master account.

“After decades of automatically granting master accounts to chartered banks, the Fed ‘reinterpreted’ federal law to hand itself special authority that it never received from Congress,” a spokesperson for Custodia told Decrypt. “We look forward to the court’s review of this power grab by the Fed.”

Custodia is currently authorized by Go to Source to See Full Article
Author: Mattis Meichler

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