According to Eleanor Terrett, Wyoming-based crypto bank Custodia has filed a petition for rehearing en banc asking the full Tenth Circuit to reconsider its October decision that sided with the Federal Reserve in denying Custodia a master account, according to Terrett. According to Eleanor Terrett, the petition argues the panel misinterpreted the Monetary Control Act by asserting that any eligible bank has a right to a master account, undermined state banking authority, and raised constitutional concerns. According to Eleanor Terrett, Custodia’s filing also cites her CryptoAmerica interview with Federal Reserve Governor Waller multiple times.

According to Eleanor Terrett, Wyoming-based Custodia Bank has filed a petition for rehearing en banc asking the full Tenth Circuit to reconsider its October decision that sided with the Federal Reserve in denying Custodia a master account, extending the legal battle over direct access to Fed payment services. Source: Eleanor Terrett on X, Dec 16, 2025. A Federal Reserve master account provides a depository institution with direct access to payment and settlement services such as Fedwire and reserve account services, which directly affects a bank’s ability to provide fiat rails to clients. Source: Federal Reserve, Account Services and Master Accounts overview. En banc rehearing is not favored and is reserved for questions of exceptional importance or to maintain decisional uniformity under Federal Rule of Appellate Procedure 35, indicating a high bar for reconsideration. Source: Federal Rules of Appellate Procedure 35. For traders, this proceeding is a key regulatory risk indicator for U.S. crypto banking access and fiat on/off-ramp reliability, so monitoring whether the Tenth Circuit grants or denies en banc review can help assess counterparty and liquidity risks tied to bank-integrated crypto services. Source: Federal Reserve Financial Stability Report, May 2023; Eleanor Terrett on X, Dec 16, 2025.