The Blockchain Association is backing Custodia in a US Supreme Court petition challenging the Federal Reserve’s refusal to grant it a master account. This battle comes as other crypto firms are progressively gaining access to the US banking system: Kraken Financial became the first crypto banking unit in March to receive a limited-purpose master account from the Federal Reserve Bank of Kansas City, giving it direct access to Fedwire. Coinbase, Circle, Ripple, BitGo and Fidelity Digital Assets have also obtained conditional or final OCC approvals to establish national trust banks. Traditional banking groups like the Independent Community Bankers of America oppose this trend, arguing that crypto firms seek the benefits of bank charters without being subject to the same regulatory framework as traditional banks.
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