PANews reported on November 1 that, according to Coindesk, the U.S. Tenth Circuit Court of Appeals ruled that Wyoming-based crypto bank Custodia had no right to force the Federal Reserve to grant it access to its master account, upholding an unfavorable ruling by a lower court last year against Custodia.

Custodia sued the Federal Reserve in 2022, initially claiming the Fed's assessment of its master account application took too long. The company later amended its lawsuit after the Fed rejected the application. Custodia argued that the Fed had no authority to reject master account applications. Last year, a federal judge dismissed Custodia's lawsuit, ruling that the Fed was not obligated to grant master accounts to every eligible depository institution. The company subsequently appealed, and a panel of three judges heard arguments from both sides in January of this year.