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Wyoming-based digital-asset bank Custodia has petitioned the Supreme Court to review a March ruling by the 10th Circuit Court of Appeals that upholds a barrier preventing the lender from accessing a Federal Reserve master account.
The case hinges on an "exceptionally important question," Custodia wrote in the petition Friday, seen by Banking Dive: "whether regional Federal Reserve Bank presidents possess unbounded, unreviewable discretion to deny disfavored banks access" to such payment services.
Custodia's petition cites the Supreme Court's June opinion in Trump v. Cook, which acknowledges a boundary to executive power.
"Given the Federal Reserve's unique independence from presidential control, it is particularly important for the court to ensure that the power the Fed claims to possess has in fact been authorized by Congress," Custodia wrote.
Wyoming-based digital-asset bank Custodia has petitioned the Supreme Court to review a March ruling by the 10th Circuit Court of Appeals that upholds a barrier preventing the lender from accessing a Federal Reserve master account.
The case hinges on an "exceptionally important question," Custodia wrote in the petition Friday, seen by Banking Dive: "whether regional Federal Reserve Bank presidents possess unbounded, unreviewable discretion to deny disfavored banks access" to such payment services.
Custodia's petition cites the Supreme Court's June opinion in Trump v. Cook, which acknowledges a boundary to executive power.
"Given the Federal Reserve's unique independence from presidential control, it is particularly important for the court to ensure that the power the Fed claims to possess has in fact been authorized by Congress," Custodia wrote.
4 months ago
