The Block Chain Association supports the Custodia Bank in challenging the Fed's accounts. Right

The Association of Block Chains has submitted an amicus curiae opinion to the Supreme Court in support of the Custodia Bank ' s application for Federal Reserve approval for the main account. This initiative followed the Federal Reserve's refusal of the Custodia Bank's account application on the grounds of “excessive risk”, demonstrating the unity of the encryption industry in securing bank privileges. In 2020, the Custodia Bank applied to the Fed's owner's account as “bank” to provide access to the Fed's payment system to other banks. Without a master account, banks need intermediaries to manage transactions, which is not only time-consuming and costly, but also risks their withdrawal. According to the Bank of Custodia, the Fed has a legal obligation to provide the main account to any legal deposit institution. Despite the lower court ' s support for the Fed ' s decision, the Block Chain Association and other encryption advocates have intervened to support Custodia with a view to setting a precedent for future decisions。