The Blockchain Association argues the Fed should not have broad discretion to deny eligible state-chartered banks direct access to its payment system.
The Blockchain Association urged the US Supreme Court to hear Custodia Bank’s challenge to the Federal Reserve’s denial of its application for a master account, which would give the crypto-focused bank direct access to the Fed’s payment system.
In an amicus brief filed Wednesday, the industry group argued that federal law requires the central bank to make its payment services available to eligible nonmember banks and that the Fed should not have broad discretion to deny access.
The association said the appeals court’s decision effectively gives the Fed veto power over state-chartered banks by allowing it to withhold services needed to operate independently. It also linked Custodia’s case to alleged crypto debanking under “Operation Choke Point 2.0,” arguing that federal regulators discouraged banks from serving the digital asset industry.
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