The cryptocurrency lobbying group Blockchain Association submitted an amicus brief in support of Custodia Bank's lawsuit against the Federal Reserve

ChainCatcher News, the American cryptocurrency lobbying group Blockchain Association has submitted an amicus brief to the U.S. Court of Appeals for the Tenth Circuit in support of Custodia Bank's lawsuit against the Federal Reserve.

The Chief Legal Officer of the Blockchain Association stated, "The Federal Reserve claims that digital assets pose safety and soundness issues, which protects large existing banks and makes it harder for industry participants to find banking partners. This puts customers in a bind. And Custodia has become a victim of this scheme.

Most importantly, the Federal Reserve's master account provides a safety net for banks and their customers. Lack of access to this system harms the interests of millions of law-abiding Americans participating in the digital asset economy.

We hope the Tenth Circuit will make the right decision."