On July 4th, the Blockchain Association, a US cryptocurrency lobby group, filed an amicus brief with the 10th Circuit Court in support of Custodia Bank's lawsuit against the Federal Reserve.
The chief legal officer of the Blockchain Association said the Federal Reserve's claim that digital assets raise security and robustness issues protects large incumbent banks and makes it harder for industry players to find banking partners. This leaves customers in limbo. And Custodia has fallen victim to this scam.
Most importantly, the Fed Master Account provides security for banks and their customers. Lack of access to the system harms the interests of millions of law-abiding Americans who participate in the digital asset economy. Hopefully, the 10th Circuit will make the right decision.
Cryptocurrency lobby group files amicus brief in support of Custodia Bank's lawsuit against the Federal Reserve
2024-07-04 00:27:14
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