Key facts
- The Blockchain Association filed an amicus brief.
- The brief supports Custodia Bank's petition for Supreme Court review.
- The case concerns Custodia Bank's access to the Federal Reserve's payment systems.
- The Blockchain Association argues the Federal Reserve should not have broad power to deny access.
- The denial of access is for eligible state-chartered banks.
The Blockchain Association has submitted an amicus brief to the Supreme Court, supporting Custodia Bank's petition to have its case heard. The core of the dispute involves Custodia Bank's bid for access to the Federal Reserve's payment systems, a request that has been denied. The Blockchain Association's filing argues against what it perceives as the Federal Reserve's expansive power to deny such access to state-chartered banks that are otherwise eligible. This legal action highlights a significant tension between the Federal Reserve's regulatory authority and the operational needs of innovative financial institutions seeking to integrate with traditional payment infrastructures. The association's brief aims to persuade the Supreme Court that this issue warrants federal review, emphasizing the potential implications for other state-chartered banks and the broader financial ecosystem.