🚨NEW: Crypto trade group@BlockchainAssnhas filed an amicus brief in support of@custodiabank’s petition to the Supreme Court, urging it to review whether regional Federal Reserve Banks have the discretion to deny eligible state-chartered banks access to master accounts.

The group warns the lower court’s ruling siding with the Fed gives the central bank broad power to “debank disfavored industries or companies” and effectively veto which state-chartered banks can operate.

Meanwhile, the Kansas City Fed has been granted an extension until September 11 to respond to Custodia’s petition.