Wyoming Crypto Bank Custodia to File Suit Against the Fed - Aliens: AI Crypto News & Markets Updates
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Wyoming Crypto Bank Custodia to File Suit Against the Fed

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Live Bitcoin News

Sat, Jul 02, 2022

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The entity claims that both organizations have “unlawfully” delayed its application for a master account with the Federal Reserve.

Custodia Bank spokesperson Nathan Miller explained in a recent statement: Through this lawsuit, Custodia seeks to ensure that its Federal Reserve master account application receives the fair dealing and due process guaranteed to it by both federal statute and the U.S. Constitution.

The suit seeks to make the Federal Reserve and its Kansas City branch immediately act upon the bank’s application for a master account.

If Custodia wins the suit, it will be the first bitcoin bank to garner such an account.

Suit documentation alleges the following: This delay in processing Custodia’s master account application is resulting in substantial, ongoing injury to Custodia.

The immediate injury is that the delay has forced Custodia to defer its solo entry into the financial services market in favor of a decidedly second-best and far more expensive alternative: launching with a correspondent bank – which has a master account – while Custodia awaits a decision on its long-pending application.

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