'We look forward to the court’s review of this power grab by the Fed,” said Nathan Miller, a spokesperson for Custodia Bank.
, saying it was “inconsistent with the required factors under the law” and citing the bank’s involvement in the crypto space.
Custodia was one of Wyoming's first Special Purpose Depository Institutions , also known as"blockchain banks." SPDIsunable to secure Federal Deposit Insurance Corporation banking services due to their dealings with cryptocurrency. In April, the state of Wyoming requested to intervene in the case between the bank and the Fed, defending its framework allowing certain crypto firms to qualify as state-chartered banks.
According to Miller, the Fed is reinterpreting federal laws to grant itself special authority that it never received from Congress after decades of automatically granting master accounts to chartered banks. “The Fed has never held such authority in U.S. history, nor does it need discretion to block banks that already have been validly chartered by state banking authorities that rigorously separate the wheat from the chaff," Miller continued, adding that Custodia received its bank charter after more than 150 prospective applicants were rejected by the Wyoming Division of Banking."We look forward to the court’s review of this power grab by the Fed,” he stated.
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