Custodia files appeal after judge rules bank is not entitled to Fed master account | Headlines | News | CoinMarketCap
04/27/2024 00:35
Digital asset bank Custodia filed a notice of appeal Friday after a Wyoming judge ruled last month that the bank was not entitled to a Federal …
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Published on April 26, 2024 17:25 GMT+00:00edited on April 26, 2024 17:31 GMT+00:00
Digital asset bank Custodia filed a notice of appeal Friday after a Wyoming judge ruled last month that the bank was not entitled to a Federal Reserve master account.
Lawyers for Custodia filed the notice in the U.S. District Court for the District of Wyoming, marking the most recent move in a multi-year debate over whether the bank could access the central bank's payment systems.
In a judgment filed in March, Judge Scott Skavdahl said Federal Reserve Banks have discretion in whether or not to grant master accounts. Those master accounts allow institutions direct access to the Fed's payment systems and provide the most direct access to the U.S.'s money supply available to financial institutions. Those without master accounts are often forced to rely on partner banks with …