The legal battle heats up in the Fed vs. Custodia Bank as Wyoming swoops in to defend its state-chartered crypto bank framework.
and its Kansas City arm in June 2020 for delays in approving the bank’s application for a master account, which facilitates an institution’s ability to make international transfers as well as other functions. In January 2023, the Fed officially, saying it was “inconsistent with the required factors under the law.”
“The [report] the Kansas City Fed provided Custodia makes clear that its view of perceived inadequacies in Wyoming’s laws and regulations for SPDIs is partially responsible for its denial,” said the court filing. “The State of Wyoming believes that this changes the tenor of the suit and in turn questions the legitimacy and viability of the State’s statutory framework.
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