Judge denies Custodia Bank's motion for judgment against Fed for rejecting master account application

In response to Custodia Bank's lawsuit against the Federal Reserve for denying a master account application, a federal judge rejected Custodia Bank's claim that it was entitled to a master account with the Federal Reserve and was eligible to become a member of the Fed. The judge ruled that the Fed has the authority to decide whether to grant the master account. Wyoming District Court Judge Scott Skavdahl on Friday denied Custodia's motion for judgment, saying federal law does not require the U.S. central bank to provide every eligible depository institution with access to its master account systems, and the evidence presented by Custodia did not indicate that. The Federal Reserve Board of Governors influenced a regional branch of the Federal Reserve to deny its application to open an account. "Challenging the Fed's hard-line approach has been an uphill battle, but Custodia Bank remains committed to our vision of creating a secure technology bank," Custodia spokesman Nathan Miller said in a statement. "We are reviewing the court's decision and our All options, including appeals.” (CoinDesk) According to previous news, Fox reporter Eleanor Terrett disclosed on the