Citing HashNews, Custodia Bank, a Wyoming-based crypto bank, has filed for a full bench review at the Tenth Circuit Court of Appeals. The bank is challenging a recent ruling that upheld the Federal Reserve's decision to deny Custodia Bank's application to open a master account. The bank argues that the original panel of three judges misinterpreted the Monetary Control Act, which grants qualified banks the right to open such accounts. The filing claims the ruling undermines state banking authority and raises significant constitutional concerns.
Custodia Bank Seeks Full Court Review of Fed Decision
KuCoinFlashShare
Summary
Custodia Bank, a Wyoming-based crypto bank, has filed for a full court review at the Tenth Circuit Court of Appeals. The move challenges a ruling that upheld the Fed’s denial of its master account application. The bank claims the decision misinterprets the Monetary Control Act and infringes on state banking authority. Custodia argues the ruling could hinder crypto legislation efforts and complicate compliance with rules like Countering the Financing of Terrorism.
Source:Show original
Disclaimer: The information on this page may have been obtained from third parties and does not necessarily reflect the views or opinions of KuCoin. This content is provided for general informational purposes only, without any representation or warranty of any kind, nor shall it be construed as financial or investment advice. KuCoin shall not be liable for any errors or omissions, or for any outcomes resulting from the use of this information.
Investments in digital assets can be risky. Please carefully evaluate the risks of a product and your risk tolerance based on your own financial circumstances. For more information, please refer to our Terms of Use and Risk Disclosure.