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U.S. Court Upholds Federal Reserve Ruling, Denies Custodia's Request for Rehearing on Primary Account Application

U.S. Court Upholds Federal Reserve Ruling, Denies Custodia's Request for Rehearing on Primary Account Application

2026-03-15 08:31

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ChainThink report, on March 15, the U.S. Tenth Circuit Court of Appeals rejected, by a 7-to-3 vote, Custodia's petition for rehearing en banc, upholding the panel decision from October 2025 that affirmed the Federal Reserve's authority to approve or deny master account applications from eligible institutions.


Custodia is a Wyoming-chartered special-purpose depository institution founded by Caitlin Long. The company applied for a master account in October 2020, but was denied by the Federal Reserve Bank of Kansas City in January 2023 due to risks associated with its cryptocurrency business model. Custodia subsequently filed litigation asserting that eligible depository institutions are entitled by law to obtain a master account, but these claims have been consistently denied across all levels of the judicial system. (The Block)

#Regulation

Disclaimer: Contains third-party opinions, does not constitute financial advice

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