BlockchainAssn Brief Urges Supreme Court Review of Fed Access Discretion

BlockchainAssn files amicus brief for Custodia, challenging Federal Reserve authority to deny master account access to state-chartered banks.

Woofun AI reports that BlockchainAssn has submitted an amicus curiae brief supporting Custodia Bank's petition to the U.S. Supreme Court. The filing urges the court to examine whether regional Federal Reserve banks possess the authority to deny qualified state-chartered banks access to master accounts. The organization warns that lower courts' approval of these decisions grants central banks broad power to deny banking services to industries or companies they deem unsuitable, effectively deciding which state-chartered banks can operate.

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