Custodia Bank asks Supreme Court to review Federal Reserve account denial

Cryptonews.net and Bitcoin News reported that Custodia Bank has issued a renewed plea to the United States Supreme Court to take up its legal battle against the Federal Reserve. The crypto-focused institution filed a reply brief supporting its petition for a writ of certiorari, asking the high court to review a decision by the 10th U.S. Circuit Court of Appeals. [1][2]

According to Cryptonews.net, Custodia Bank argued in its legal filing that only the Supreme Court can put an end to what it termed tyranny by the central bank over financial innovation. The appellate court ruling had upheld the Federal Reserve System's discretion to deny master accounts to depository institutions that are otherwise statutorily eligible. [1]

The Federal Reserve System serves as the central banking system of the United States and was created in December 1913 through the Federal Reserve Act. The institution operates as an independent central bank to insulate its monetary decisions from political interference. As FTMQ Politics reported earlier, the central bank has also faced scrutiny from political figures, including President Donald Trump's efforts to investigate Governor Lisa Cook. [9][10]

The high court faces several major cases during its November term. The Globe and Mail reported that the Supreme Court is set for a busy month of hearings, while NBC4 WCMH-TV noted the court has agreed to review a federal home-distilling ban. Roll Call also reported that the Justice Department recently asked the court to intervene in a California mail ballot dispute. [5][6][7]