Custodia Bank requests US Supreme Court to review Federal Reserve account denial case

According to Bloomberg, Custodia Bank has submitted a petition to the US Supreme Court to review its case of being denied access to the Federal Reserve's payment system. Custodia Bank applied for access to its main account in 2020, but the Federal Reserve refused in 2023 citing a business model focused on cryptocurrency related activities. The Tenth Circuit Court of Appeals upheld the decision of the Federal Reserve, and Custodia Bank requested in its petition to review whether regional Federal Reserve banks can veto state bank charter decisions by refusing central bank payment services.