Custodia submitted a petition to the U.S. Supreme Court to advance the dispute with the Federal Reserve over the main account for six years

Custodia Bank has submitted a petition for rehearing to the U.S. Supreme Court, requesting confirmation on whether the president of the regional Federal Reserve Bank has the authority to refuse to provide master account services to institutions. Custodia Bank has applied for a Federal Reserve master account multiple times and was denied by the Federal Reserve in 2023, citing significant safety and soundness risks associated with its new business model and its intended focus on digital assets.

Custodia Bank subsequently appealed to the U.S. Tenth Circuit Court of Appeals, which ruled in favor of the Kansas City Federal Reserve Bank in 2024. The U.S. Supreme Court will decide in October whether to hear the case.