Custodia Bank has won a legal victory in its case against the Federal Reserve, as a judge in Wyoming has rejected dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank had sued the Federal Reserve in June 2022, claiming that there had been an "unlawful delay" in processing an application for its master account. The application, if granted, would enable the bank to use the Federal Reserve's payment system, the FedWire network, which processed over 196 million transactions last year. Custodia was one of Wyoming's first Special Purpose Depository Institutions (SPDIs), also known as "blockchain banks," and was founded in 2020 by Caitlin Long, a former Morgan Stanley executive and early Bitcoin proponent.
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Custodia Bank's Lawsuit Against Federal Reserve Advances as Judge Denies Dismissal Motions
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