Official announcements from the Federal Reserve Board

Custodia Bank Gains Support with Amicus Briefs in Legal Battle Against Federal Reserve

Jul 4, 2024, 01:19 AM

Raising the stakes in the Custodia Bank case, a former Solicitor General of the U.S. has filed an amicus brief supporting Custodia Bank in its legal battle against the Federal Reserve Board. The brief raises serious constitutional questions about aspects of the Federal Reserve system. On July 3, the Blockchain Association and on July 4, the Digital Chamber also filed amicus briefs in support of Custodia Bank, emphasizing the critical need for the industry to have safe banking options. Don Verrilli, Jr., who served as Solicitor General in the Obama administration, filed the brief on behalf of the Blockchain Association. Custodia Bank now has significant support from both sides of the political divide in its fight against the Federal Reserve's denial of a master account.