3h ago
Custodia Bank’s Final Appeal for Federal Reserve Master Account Rejected by Tenth Circuit
The US Court of Appeals for the Tenth Circuit has declined to hear Custodia Bank’s final appeal over its denied Federal Reserve master account, ending the crypto-focused bank’s five-year legal effort to gain direct access to the central bank’s payment system. Judges upheld the view that the Federal Reserve has discretion over which institutions can obtain master accounts, even as other fintech and crypto firms, including Kraken and Revolut, pursue their own routes to US banking access. The ruling drew a strong dissent from Judge Timothy Tymkovich, who warned that refusal of a master account can be “indispensable” and potentially fatal for a bank.