A federal appeals court has ruled that the Federal Reserve is not obligated to grant a master account to a cryptocurrency firm as the move would “impair the Fed’s ability to safeguard our nation’s financial system.”

In 2020, Custodia Bank (Wyoming) requested master account access. The request was rejected after officials determined the firm’s crypto-focused business model introduced undue risk into the Fed’s payment systems and services. Custodia sued in the U.S. District Court for Wyoming, which ultimately ruled in favor of the Fed. The firm then appealed the decision to the Tenth Circuit Court of Appeals.

Author: sdbrownlow

Student of Design