Wu Says he learned that, according to crypto reporter Eleanor Terrett, Custodia Bank, a crypto bank in Wyoming, has filed an application with the U.S. Supreme Court seeking review of whether a regional Federal Reserve Bank has the authority to deny qualified state-chartered banks permission to open a master account. Custodia said the Kansas City Fed’s decision to reject its application changes the balance of regulatory authority between state and federal bank regulators and involves constitutional issues, including the appointment and powers of the Federal Reserve Bank’s president. Previously, the U.S. District Court for Wyoming and the Tenth Circuit Court of Appeals both supported the Federal Reserve’s position, finding that it has broad discretion to refuse Custodia’s request to open a master account. The Kansas City Fed said its rejection of Custodia’s application in 2023 was mainly due to concerns about its crypto-centric business model.