Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account.
Custodia, formerly known as Avanti was one of the first Special Purpose Depository Institutions (SPDIs) also known as “blockchain banks” made under a Wyoming regulatory framework.
The bank was founded by Caitlin Long, an early advocate of Bitcoin (BTC) who established the institution in 2020 to provide accounts for crypto companies and serve as a bridge for them to the U.S. dollar payment system.
Custodia submitted an application for a Federal Reserve master account 19 months ago in October 2020. The account would allow Custodia to access the Federal Reserves payment systems without using a third party bank.
Nathan Miller a spokesperson for Custodia Bank told Cointelegraph:
“Through this lawsuit, Custodia seeks to ensure that its Federal Reserve master account...
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