Blockchain Association Joins Custodia Bank in Supreme Court Battle with Federal Reserve

The Blockchain Association has filed an amicus brief in support of Custodia Bank's Supreme Court petition against the Federal Reserve.

Custodia, a Wyoming-chartered bank that provides custodial services for cryptocurrencies, applied for a Federal Reserve master account in 2020 but was denied due to 'undue risk' and its crypto-focused operations posing a threat to financial stability.

The Blockchain Association argues that unchecked federal power will deny crypto service providers foundational banking services, setting a precedent for future rulings. The association's support is crucial as it seeks to challenge the Fed's denial of master accounts to eligible depository institutions.