Custodia Bank requests rehearing on Fed master account denial

Wyoming-based crypto bank Custodia Bank has requested a rehearing of a court ruling that upheld the Federal Reserve's denial of its application for a master account, according to reporter Eleanor Terrett. The 10th Circuit Court of Appeals issued the ruling in October. Custodia argues that the court misinterpreted the law, thereby wrongly denying its right to open a master account. A master account with the U.S. Federal Reserve allows qualified institutions, such as banks, to transact directly with the Fed without needing an intermediary bank.