Digital Asset Bank Custodia Sues Fed Again Over Denial of Master Account Application

Nathan Miller, a spokesman for digital asset bank Custodia Bank, said in a statement that Custodia filed a lawsuit again because the Federal Reserve had previously rejected its application to join the Federal Reserve System and master account. Determine the master account at your own discretion.” The Fed rejected Custodia’s application to become a member of the Federal Reserve System in late January, as well as Custodia’s application for a master account. Custodia first sued the Fed last year, arguing that the central bank missed a statutory deadline to make a decision on its master account application.