Blockchain Association Files Amicus Brief in Custodia Case, Urging SCOTUS to Review the Fed’s Discretion Over Access to Its Primary Account

Odaily Planet Daily reports that Fox Business’s cryptocurrency 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 are permitted to operate. Meanwhile, the Federal Reserve Bank of Kansas City has been granted an extension until September 11 to respond to Custodia’s application.