Blockchain Association Backs Custodia in Supreme Court Fight Over Master Account

The Blockchain Association has filed an amicus brief in support of Custodia Bank's Supreme Court petition, challenging the Kansas City Fed's denial of a master account.

Custodia, a Wyoming-chartered bank, applied for a Federal Reserve master account in 2020 but was rejected due to 'undue risk' and its crypto-focused operations.

The Blockchain Association argues that unchecked federal power will deny crypto service providers foundational banking services.

A 'limited purpose' master account has been granted to Kraken exchange, but it comes with restrictions and a one-year trial period.