Virtual asset service provider sues Fed
Crypto firm wants “master account” but critics warn of regulatory problems
A US cryptocurrency provider is suing the Federal Reserve, complaining that regulators are unlawfully stalling its application for a master account.
Custodia Bank filed suit against the Federal Reserve Board and the Federal Reserve Bank of Kansas City in Wyoming, where it is based. Custodia claims that the agencies have engaged in “wholly unlawful delaying conduct” and “standardless processes” in handling its application.
Having a master account would allow Custodia to convert cryptocurrencies
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