A U.S. appeals court ruled that crypto bank Custodia has no right to force the Federal Reserve to grant access to its master account.

The U.S. Tenth Circuit Court of Appeals ruled that Wyoming-based crypto bank Custodia had no right to compel the Federal Reserve to grant it access to a master account, upholding an unfavorable ruling by a lower court last year. Custodia sued the Federal Reserve in 2022, initially claiming the Fed's assessment of its master account application was too time-consuming, but later amended its lawsuit after the Fed rejected its application. Custodia argued that the Fed had no right to reject master account applications. Last year, a federal judge dismissed Custodia's lawsuit, ruling that the Fed was not obligated to grant master accounts to every eligible depository institution. The company subsequently appealed, and a panel of three judges heard arguments from both sides in January of this year. (Coindesk)