Lawyer: Custodia/Fed case is as important as SEC/Ripple case

Odaily Planet Daily News Encrypted bank Custodia previously applied to become a member of the Federal Reserve's main account, but was rejected by the Kansas City Fed earlier this year. Custodia has filed three lawsuits against the Fed in three different environmental courts. In this context, attorney John Deaton said that Custodia's litigation battle with the Federal Reserve is as important (if not more important) as the SEC/Ripple (XRP) case. Founded in 2020 by Morgan Stanley veteran Caitlin Long, Custodia acts as a bridge between digital assets and the US dollar system. Custodia's lawsuit alleges that the Federal Reserve illegally delayed the application for a master account, a key component necessary to participate effectively in the US financial ecosystem. Custodia scored a landmark victory after filing a lawsuit in court after a federal judge in Wyoming opposed the Fed's request to dismiss her case. Deaton said there is a clear example of major regulators ignoring their legal obligations, which is a partial victory for companies in the crypto industry. (Cryptopatates) According to previous reports, Caitlin Long, CEO of Custodia Bank, said that of 35 banks that entered the FedNow payment system, Dutch Adyen "entered the system through the back door", calling it "un-American". European company. , because American companies do not have access to such opportunities. Shortly after the SEC last week to reconsider Custodia Bank's application to become a member institution, the Fed dismissed the application in a brief statement, saying Custodia's business plan was "inconsistent" with the factors required by law. While her bank is fighting for main account rights, Caitlin doesn't think the new FedNow service is good enough. Caitlin Long claimed that "it lacks interoperability, cross-border capabilities, and has a strict transaction payment limit of $500,000", "it will take 10% of FedNow's payout, but not more than that number." He said the Fed claimed they would help companies regulate and that Custodia was "doing its best to comply", but officials had become "unshakable".
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