Wu Says Learned that, according to crypto journalist Eleanor Terrett, Custodia Bank, a crypto bank in Wyoming, has filed an application with the U.S. Supreme Court requesting a review of whether the Federal Reserve Bank has the authority to refuse to open master accounts for eligible state-chartered banks. Custodia said that the decision by the Federal Reserve Bank of Kansas City to deny its application changed the balance of regulatory authority between state and federal banks, and involves constitutional issues such as the appointment and powers of the Federal Reserve Bank’s president. Previously, both the U.S. District Court for Wyoming and the U.S. Court of Appeals for the Tenth Circuit supported the Fed’s position, saying it has broad discretion to refuse Custodia’s request to open a master account. The Federal Reserve Bank of Kansas City said its denial of Custodia’s application in 2023 was mainly due to concerns about its crypto-centric business model.