According to Coindesk, the U.S. Tenth Circuit Court of Appeals ruled that the cryptocurrency bank Custodia, located in Wyoming, cannot compel the Federal Reserve to grant it access to its master account, upholding last year's unfavorable ruling against Custodia by a lower court. Custodia filed a lawsuit against the Federal Reserve in 2022, initially claiming that the Fed took too long to evaluate its master account application, and later modified the lawsuit after the Fed rejected its application. Custodia argued that the Federal Reserve has no authority to deny a master account application. Last year, a federal judge dismissed Custodia's lawsuit, ruling that the Fed is not obligated to grant a master account to every qualifying depository institution. The company subsequently appealed, and a panel of three judges heard arguments from both sides in January of this year.💥