U.S. Federal Appeals Court Denies Custodia's Request for a Master Account

The U.S. Federal Appeals Court on the 1st upheld the Federal Reserve Board's (FRB) decision to deny a master account to cryptocurrency bank Custodia. Judges of the Tenth Circuit Court of Appeals supported the previous ruling of the Wyoming District Court, stating, 'Therefore, Custodia does not have an automatic right to a master account. We support the district court's ruling in favor of the defendant on all claims.'

Last year, Judge Scott Skavdahl of the Wyoming Federal District Court ruled that the FRB is not obligated to grant Custodia access to a master account, and that the central bank has the discretion to grant access or not...