The Blockchain Association filed an amicus brief with the Supreme Court supporting Custodia Bank’s appeal against the Federal Reserve’s refusal to grant a master account. The Wyoming-based crypto bank argues that the Fed’s denial threatens the dual banking system where both state and federal authorities can charter banks. In October, an appeals panel ruled that eligibility alone did not entitle Custodia to an account. If the lower court ruling stands, federal regulators could override state banking decisions by denying access to the payments system, the association said. The brief characterizes Custodia’s legal battle as the latest phase of Operation Choke Point 2.0, the criticized Obama and Biden-era program said to have pressured banks into cutting ties with certain industries.
Source: Read the original article
