Former US Attorney General Represents Crypto Industry in Custodia Bank Case, Questioning Federal Reserve Structure as Unconstitutional

Fox Business reporter Eleanor Terrett posted on X platform that former U.S. Attorney General Paul Clement, who represented Loper Bright in the Chevron case in the Supreme Court, has just filed an amicus brief on behalf of the cryptocurrency industry in Custodia Bank's appeal against the Federal Reserve. Clement's amicus brief, filed recently after successfully overturning the Chevron deference principle, raises the question of whether the Federal Reserve violated Article II of the U.S. Constitution by allowing the Federal Reserve Chairman to make official decisions. This is a major challenge for Custodia, as it is seeking court intervention to limit the excessive power of the Federal Reserve (which recently rejected Custodia's request for access to the master account). "In summary, the district court gave the Federal Reserve Bank Chairman such significant and almost unrestricted discretion that it raises serious constitutional questions about whether Article II of the Constitution has been violated," said Clement.