• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Wednesday, June 18, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Crypto

Feds get sued by Crypto bank Custodia over 19 month delay on account approval

by Reshab Agarwal
June 8, 2022
in Crypto, News, Trending
Reading Time: 2 mins read
0
The Cato Institute, a libertarian think tank based in Washington, D.C., has released a report warning that central bank digital currencies (CBDCs) CBDCs threaten America's freedom
TwitterWhatsappLinkedin

The Feds get sued by Crypto bank Custodia after the massive delay of 19 months in their account approval. The bank claims that the delay is unlawful and it’s too much time to process a master account application. The Federal Reserve Bank of Kansas City and the board of governors face the lawsuit. It is quite possible that the delay was only because it’s a crypto bank that doesn’t suit very well with the Feds.

You might also like

OpenAI Awarded $200 Million US Defense Contract

Google Pixel 10 Series to Debut Tele-Macro Camera and Tensor G5 SoC

Adobe’s Firefly Expands to iOS and Android, Bringing Powerful AI Tools to Mobile Devices

Crypto bank Custodia sues the Feds

The crypto bank submitted its application for a master account in October 2020 to the Federal Reserve, which was almost 19 months back. Custodia planned to use the payments systems of the Feds without a third-party bank. However, as you might have guessed, this delay must have cost them a ton of extra fees and delays in operations. So, their lawsuit wants a fair dealing of their application by the Federal statute and US Constitution. Most importantly, they have followed every rule that is necessary for the approval of the master account.

Feds get sued by Crypto bank Custodia
Federal Reserve

The United States Code states that there is a 1-year deadline on the processing of any application that the Feds violated. In fact, they themselves give a 5-7 business day deadline on the processing of this application. Custodia also reported that the application was about to be approved by the Feds Kansas city bank, but the Federal Reserve board interrupted and derailed the process. Now, their demand is to get the account approval within 30 days.

About Custodia

It is a blockchain bank formed under Wyoming regulatory framework by Caitlin Long back in 2020. They plan to provide accounts to crypto companies and act as a bridge between the dollar payment system. Once their account gets approved, they will work with the Feds to clear payments directly for customers to reduce costs and any delays. It will also become the first digital asset bank to get a Federal Reserve master account. Till then, they have to make do with a 3rd party bank which is a lot more expensive for everyone.


What are your thoughts as the Feds get sued by Crypto bank Custodia? And do you think this kind of unfair treatment of the Federal Reserve will end somewhere? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Solana rallies 25%, but price falls after Bitcoin hits $32k resistance.

Tags: #Custodia#Federal ReserveLawsuit
Tweet54SendShare15
Previous Post

Solana rallies 25% but price falls after Bitcoin hits $32k resistance

Next Post

Paypal adds new crypto features for users in the US

Reshab Agarwal

Reshab is a tech-enthusiast who likes to write about all things crypto. He is a Bitcoin bull and believes in a decentralized future of finance. Follow him on Twitter for more!

Recommended For You

OpenAI Awarded $200 Million US Defense Contract

by Sneha Singh
June 18, 2025
0
OpenAI Awarded $200 Million US Defense Contract

OpenAI has officially entered the government sector with a bang, landing its first major contract with the U.S. Department of Defense worth up to $200 million. The artificial...

Read more

Google Pixel 10 Series to Debut Tele-Macro Camera and Tensor G5 SoC

by Anochie Esther
June 18, 2025
0
Pixel 10 series

Google is set to unveil its Pixel 10 series on August 20, and early leaks have already started shedding light on some exciting new features. One of the...

Read more

Adobe’s Firefly Expands to iOS and Android, Bringing Powerful AI Tools to Mobile Devices

by Anochie Esther
June 18, 2025
0
Firefly

Adobe has officially extended its Firefly platform to mobile users with the launch of dedicated apps for iOS and Android. The move signals a significant evolution in Adobe’s...

Read more
Next Post
PayPal to offer cryptocurrency support in 2021

Paypal adds new crypto features for users in the US

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?