Custodia, a digital asset bank based in Wyoming state and previously known as Avanti, has filed a lawsuit against the U.S. Federal Reserve and the Federal Reserve Bank of Kansas City for unlawfully delaying a decision on its applications for a master account.
Custodia filed the suit to the United States District Court of Wyoming on Tuesday. In the filing, the digital bank accused the Federal Reserve Board of Governors and Federal Reserve Bank of Kansas City of delaying the application process for more than one year and a half.
According to Custodia, it filed the application with the Kansas City Fed in 2020. The Kansas City Fed confirmed Custodia’s application as complete and continued, “no showstoppers.” In the spring of 2021, the Fed Board of Governors initiated the decision-making process, but later the delay ensued.
From that time onward until currently, Custodia said that it has used all informal means to obtain a decision on its application for the Fed.
Custodia claims that the...
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