Crypto lobby groups file amicus brief in support of Custodia Bank's lawsuit against the Fed

On July 4th, the US cryptocurrency lobbying group Blockchain Association submitted a friend of the court statement to the US Tenth Circuit Court in support of Custodia Bank's lawsuit against the Federal Reserve. The Chief Legal Officer of the Blockchain Association stated that the Federal Reserve claims that digital assets pose security and stability issues, which protects large existing banks and makes it harder for industry participants to find banking partners. This puts customers in a difficult position, and Custodia has become a victim of this scheme.

Most importantly, the Federal Reserve's main account provides security for banks and their customers. Inability to access 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 will make the right decision.