Cryptocurrency lobbying group submits amicus brief in support of Custodia Bank's lawsuit against the Federal Reserve

On July 4th, the US cryptocurrency lobbying group, Blockchain Association, submitted a friend of the court statement to the US Court of Appeals for the Tenth Circuit in support of Custodia Bank’s lawsuit against the Federal Reserve. Chief Legal Officer of the Blockchain Association said that the Fed’s claim that digital assets have raised security and stability issues has protected large existing banks and made it harder for industry participants to find banking partners, leaving customers in a predicament. And Custodia has become a victim of this eyewash. Most importantly, the Federal Reserve’s main account provides security for banks and their customers. Inaccessibility to this system would harm the interests of millions of law-abiding Americans participating in the digital asset economy. We hope that the Tenth Circuit Court of Appeals will make the right decision.