TechFlow to a report by EleanorTerrett on December 16, Wyoming-based crypto bank Custodia Bank has filed a petition for a full banc with the Tenth Circuit Court of Appeals, requesting the full jury to reconsider the October ruling by three judges that supported the Federal Reserve's denial of its master account application.
In its petition, Custodia Bank argued that the original ruling misunderstood the Money Control Act, which should grant all eligible banks the right to access master accounts. The bank also believes that the Federal Reserve's decision not only undermines the regulatory authority of state banks but also raises serious constitutional questions.
It is understood that Custodia Bank had been waiting for approval from the Federal Reserve for as long as 19 months. Critics have accused the Federal Reserve of lacking transparency and hindering innovation in crypto finance.
