Encryption Trade Organization submitted to the Supreme Court a bill in support of Custodia

The organization has submitted a bill to the Supreme Court in support of the Custodia petition, urging the Court to review whether the Regional Federal Reserve Bank has the right to refuse requests from eligible regional licensed banks to visit the main account. The organization warned that lower court decisions in favour of the Fed, giving the Central Bank broad powers, could lead to “deprivation of banking services to undesirable industries or companies” and effectively vetoing which state licensed banks could operate. Meanwhile, the Kansas City Federal Reserve Bank has been granted an extension until 11 September to respond to Custodia's petition。