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The U.S. court upheld the Federal Reserve's decision and rejected the request for a rehearing on the application for a master account by the crypto bank Custodia
According to The Block, the U.S. Court of Appeals for the Tenth Circuit voted 7 to 3 to reject Custodia Bank's request for an en banc review, upholding the panel's ruling from October 2025, which stated that the Federal Reserve has the authority to approve or deny master account applications from qualified institutions.
Notably, just a few days ago, the Kansas City Fed granted Kraken the first limited cryptocurrency master account, while the Federal Reserve is also developing a broader "streamlined master account" framework. Custodia is a special purpose depository institution chartered in Wyoming, founded by Wall Street veteran Caitlin Long. The company first applied for a master account in October 2020. The Kansas City Federal Reserve Bank confirmed in early 2021 that there were "no significant issues" with the application, but ultimately denied the application in January 2023 due to concerns about the bank's focus on a cryptocurrency business model. Custodia filed a lawsuit in June 2022, initially regarding a 19-month approval delay, and later argued that the Currency Control Act grants any qualified depository institution the right to obtain a master account by law. Courts at all levels have dismissed this lawsuit.
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