The US Court of Appeals for the Tenth Circuit ruled against Custodia Bank on Oct. 31, affirming the Federal Reserve’s authority to deny the crypto-focused bank’s application for a master account. The 2-1 decision upheld a lower court judgment in favor of the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City. The court held that Federal Reserve Banks have discretion to reject master account applications from statutorily eligible institutions. Judge Ebel’s majority opinion rejec ...