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Federal Court Ends Custodia Bank Bid for Federal Reserve Master Account

A U.S. federal appeals court has rejected Custodia Bank's bid to obtain a master account with the Federal Reserve, ending a five-year legal battle. The court upheld the Federal Reserve's authority to deny access to its payment systems, emphasizing that reserve banks have discretion to assess risks before granting accounts. Custodia, a digital asset-focused bank, argued that federal law entitled it to an account, but the court disagreed. The ruling reinforces the Fed's role as gatekeeper to the national payment infrastructure. A dissenting judge warned that denying master account access can be a "death sentence" for banks. The decision comes amid broader efforts by crypto firms to access traditional financial systems.

TheNewsCrypto03/14 06:49