BlockchainAssn submits amicus curiae brief in support of Custodia, urging the Supreme Court to review the Federal Reserve's discretion over master account access

The cryptocurrency industry organization BlockchainAssn has submitted an amicus brief in support of 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 qualified state-chartered banks. The organization warns that lower court support for the Federal Reserve's ruling grants the central bank broad powers to disqualify industries or companies it does not recognize from receiving banking services, effectively vetoing which state-chartered banks can operate.

Meanwhile, the Kansas City Federal Reserve Bank has been granted an extension until September 11 to respond to Custodia's application.