Scaramucci Slams 'Hostile Attack' on Crypto After Recent Ruling

Earlier this week, Wyoming-based Custodia Bank faced a major setback, with Judge Scott Skavdahl, of the District of Wyoming, shooting down its motion for judgment.

The judge has ruled that the Federal Reserve is not obliged to grant the bank access to its master accounts.In its motion, Custodia Bank argued that the lack of access to the Fed's master accounts would put it at a disadvantage compared to some competitors. However, this argument was not persuasive enough for the judge.The Wyoming-based bank filed its lawsuit back in 2022 after its master account access request was denied by the Fed.

However, as noted by reporter Fox Business Eleanor Terrett, the first option to dismiss contradicts the second one: "The first opinion says that the rules that Congress laid out for the Fed cannot be interpreted as them giving complete and total authority to approve or deny Master Account applications. The second one says that the rules laid out by Congress confirm the Fed has the ultimate power to decide," she wrote on X.

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