Custodia Bank files certiorari petition with Supreme Court challenging Kansas City Fed denial of master account over crypto business model.

According to @EleanorTerrett, the Federal Reserve has withdrawn its 2023 guidance that effectively blocked uninsured banks from becoming Fed members and engaging in crypto activities (source: @EleanorTerrett). The same guidance underpinned the Fed’s denial of Custodia Bank’s master account, putting renewed focus on regulatory access for uninsured, crypto-focused banks and potential implications for U.S. crypto banking rails (source: @EleanorTerrett).