In October 2020, Custodia applied to the Kansas City Fed for a master account. Without such an account, banks can’t offer the same services as institutions with such accounts. Then in August the next year, Custodia applied to the Fed Board of Governors for membership, which would subject the bank to the Fed’s oversight and regulations.
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- Source: https://www.coindesk.com/business/2023/06/10/custodias-suit-against-fed-over-denial-of-master-account-can-proceed-court-rules/?utm_medium=referral&utm_source=rss&utm_campaign=headlines