Custodia alleges the Kansas City Federal Reserve Board of Governors showed favoritism over approval delays, while giving BNY Mellon a green light to engage in crypto custody.
The Wyoming-based bank filed suit against the Federal Reserve in June, arguing that the Fed’s refusal to make a decision is unlawful and discriminatory against crypto institutions.
The bank founded by Morgan Stanley veteran Caitlin Long filed suit against the U.S. central bank for delaying a decision on its application for a master account.