Custodia said it was “actively considering” petitioning the appellate court for a rehearing following the Tenth Circuit judgment, filed more than five years after its application.
A US appellate court has ruled against Custodia Bank, the crypto-friendly institution founded by Caitlin Long, siding with the Federal Reserve in a lower court decision.
In a Friday judgment in the US Court of Appeals for the Tenth Circuit, three circuit judges affirmed a lower court ruling in the District of Wyoming. The appeal, filed in April 2024 after the court ruled against granting Custodia a US Federal Reserve master account, was the latest setback since the crypto-friendly bank first submitted its application in October 2020.
“This case comes clothed in 21st Century terms: cryptocurrency, digital assets, instant wire transfers, and master accounts,” said the Friday judgment. “But there is nothing new about this issue. Courts have probed the legality of our nation’s central bank and interpreted the relevant statutes since the founding.”
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