Primecoin

Custodia&#39;s applications for membership and a master account were denied by the Federal Reserve and the Kansas City Fed last month.Custodia Bank filed an additional case against the Federal Reserve on Friday, weeks after the Fed denied the bank&#39;s application for a &#34;master account&#34; and membership in the Federal Reserve System.The Wyoming Special Purpose Depository Institution claimed the denial of its application was illegal, that the Federal Reserve Board and the Biden administration coordinated a series of public statements to accompany the denial of Custodia&#39;s application, and that the Federal Reserve Board, not the Kansas City Fed, was &#34;pulling the strings.&#34;Custodia&#39;s application to join the Federal Reserve System was denied at the end of January, and his master account application was rejected &#34;soon after,&#34; according to the claim.&#34;Defendants had a non-discretionary duty to approve Custodia&#39;s master account application and not to discriminate against Custodia&#39;s capacity to access all bank services through that account. Any alternative decision annihilates the dual-banking system that has served our country since its inception &#34;According to the complaint.Custodia originally sued the Fed last year, claiming that the Fed had missed a legal deadline to rule on its application for a master account.Faced with discovery requests from the Kansas City Fed and a coming deadline for the Board to produce an administrative record revealing the Board&#39;s authority over the Kansas City Fed&#39;s decision-making process, Defendants attempted to dismiss the case. On January 27, 2023, the Kansas City Fed reported the denial of Custodia&#39;s master account application immediately after the Board denied Custodia&#39;s membership application, in a coordinated maneuver orchestrated by the Board in consultation with the White House and leaked to reporters by Board officials the day before it occurred &#34;According to the filing on Friday.&#34;Faced with discovery requests from the Kansas City Fed and a coming deadline for the Board to produce an administrative record revealing the Board&#39;s authority over the Kansas City Fed&#39;s decision-making process, Defendants attempted to dismiss the case. On January 27, 2023, the Kansas City Fed reported the denial of Custodia&#39;s master account application immediately after the Board denied Custodia&#39;s membership application, in a coordinated maneuver orchestrated by the Board in consultation with the White House and leaked to reporters by Board officials the day before it occurred &#34;According to the filing on Friday.The complaint argues that the Fed cannot deny Custodia&#39;s application since the Act states that Fed services &#34;must be available to nonmember depository institutions.&#34;&#34;Custodia Bank today continued its ongoing lawsuit against the Federal Reserve Board of Governors and Kansas City Federal Reserve Bank by filing an amended complaint that zeroes in on the core legal issue: whether Congress even granted the Fed discretion to decide master accounts at all,&#34; Custodia spokesperson Nathan Miller said in a statement.The updated lawsuit was filed on the same day Custodia creator Caitlin Long tweeted that she had given law enforcement evidence of &#34;possible crimes&#34; perpetrated by an unnamed crypto company before it crashed, and cautioned regulators about bank run dangers associated with crypto.

Custodia Bank Renews Push for Fed 'Master Account' After Rejection

ItsBitcoinWorld

Andre artikler udgivet 18. feb. 2023

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