The former U.S. Attorney General questioned the constitutionality of the Federal Reserve's structure on behalf of the crypto industry in the Custodia Bank case

ChainCatcher news, according to Fox Business reporter Eleanor Terrett, former U.S. Attorney General Paul Clement, who represented the Loper Bright side in the Supreme Court's Chevron case, has just submitted an amicus brief on behalf of the cryptocurrency industry against the Federal Reserve in the appeal case involving Custodia Bank (crypto-friendly regret).

Clement, after recently successfully overturning the Chevron deference principle, raised a question in the submitted amicus brief regarding whether the Federal Reserve violated the Second Article of the U.S. Constitution by allowing the Federal Reserve Chair to make official decisions. This poses a significant challenge for Custodia, as it seeks court intervention to limit the excessive power of the U.S. central bank (which recently denied Custodia's request for access to a master account).

Clement stated, "In short, the district court has granted the Federal Reserve Bank Chair such significant and almost unrestricted discretion, which raises serious constitutional questions about whether the Second Article is being violated." Clement essentially questioned whether the structure of the Federal Reserve is constitutional, which makes the significance of this case far beyond just the issue of Custodia Bank.