Custodia Bank has retained two top solicitors to represent it in the ongoing legal battle against the US Federal Reserve, as reported by Politico on May 26.
CEO Caitlin Long confirmed this development, highlighting the solicitors’ profound understanding of federalism issues and extensive experience in federal regulation of the crypto industry. Long also commended their exceptional track record in handling government controversies.
According to sources, Custodia has enlisted the services of Ian Gershengorn, former Principal Deputy Solicitor General of the US during the Obama administration, and Michelle Kallen, former Solicitor General of Virginia, to represent the company in its appeal. Both solicitors are affiliated with the law firm Jenner & Block LLP.
Renowned Fox Business reporter Eleanor Terrett applauded the decision, noting the solicitors’ impressive success records at the US Supreme Court and in the US Courts of Appeal.
Custodia is expected to file a notice of appearance by the end of the day.
Custodia’s Legal Battle
In 2022, Custodia filed a lawsuit against the Federal Reserve’s Board of Governors and Federal Reserve Bank of Kansas City (FRBKC) for allegedly denying its application for a Federal Reserve master account.
A Federal Reserve master account is a vital tool for financial institutions, facilitating direct transactions with the Federal Reserve without intermediary banks. This access is crucial for smoother fiat-crypto transactions, an area gaining momentum in today’s financial landscape.
The court ruled in March that Custodia Bank is not entitled to a master account due to the absence of an agency decision by the board of Governors. Custodia filed its latest notice of appeal on April 26.
Seeking master accounts is common among companies aiming for direct access to the central banking system to simplify fiat-crypto transactions.
This legal battle is distinct from Custodia Bank’s previous application for Federal Reserve membership, which was rejected in January 2023.
Mentioned in this article
## Meta Description
Learn about Custodia Bank’s legal battle against the US Federal Reserve and how they have enlisted top solicitors for representation. Follow the latest updates on this ongoing case.
## Focus Keyword
Custodia Bank, US Federal Reserve legal battle
### H1
Custodia Bank Hires Top Solicitors for Legal Battle Against US Federal Reserve
### H2
1. Custodia’s Legal Battle
2. Details of Custodia’s Appeal Backed by Top Solicitors
