ME News reports that on August 13 (UTC+8), a Fox Business crypto journalist posted on X that the industry group BlockchainAssn has filed an amicus brief supporting Custodia Bank’s application to the U.S. Supreme Court, urging the Court to review whether regional Federal Reserve Banks have the authority to deny access to master accounts for state-chartered banks that meet eligibility criteria. The organization warned that lower court rulings upholding the Fed’s position grant the central bank broad power to strip banking services from industries or companies it disfavors and effectively veto which state-chartered banks may operate. Meanwhile, the Federal Reserve Bank of Kansas City has been granted an extension until September 11 to respond to Custodia’s application. (Source: ODAILY)
Blockchain Association Files Amicus Brief in Custodia Case, Urges SCOTUS to Review Fed’s Discretion Over Account Access
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Summary
The Blockchain Association filed an amicus brief in the Custodia case, urging the Supreme Court to review the Fed’s authority to block state-chartered banks from obtaining master accounts. The brief underscores risks to CFT compliance and regulatory clarity under frameworks such as MiCA. It argues that lower court rulings grant the Fed the power to selectively deny services, potentially stifling innovation. The Federal Reserve Bank of Kansas City now has until September 11 to respond to Custodia’s application.
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