Once upon a time, in the vast, intricate web of our modern financial wars, there came a court decision reminiscent of the ancient disputes over vineyards and wheat fields. An appeals court, akin to a wise elder passing judgment over a quarrelsome village, declared that the entity known as Custodia-once dreamscape of cryptocurrency custodians-should not be endowed with a Federal Reserve master account, succinctly affirming their previous disavowal by the legal seers in Wyoming.
The Tenth Circuit, that august assembly, proclaimed with unshakeable clarity that Custodia’s entreaties were not to be granted, much as Leo’s peasants found their supplications to the Tsars often rebuffed. The court embraced the decision delivered by their neighbors in Wyoming with the fervor of Tolstoy’s battle-weary heroes greeting old comrades.
The Assurance of Fed’s Discretion As Supreme Decree
On a day much like any other, catalogued in the annals of court filings issued forth on a Friday, the Tenth Circuit resonated the wisdom of judge Scott Skavdahl, affirming their elder brethren’s resolution. The decree was thus: Custodia was “not automatically entitled” to such esteemed company as a master account. The court, in a manner not unlike the landed gentry, sided fully with the formidable Federal Reserve, who master of all they survey.
BREAKING: The 10th Circuit Court of Appeals has rendered its verdict on this occasion.
In a two-to-one ballad of decision, akin to two horses with concern and one with jest, the court holds firm with the Fed, chiding Custodia’s fervent plea for grant of a master account.
A tale in evolution, to be continued with more revelations!
– Eleanor Terrett
Indeed, that venerable judge Skavdahl previously set the tone, pronouncing that at the behest of the omniscient Federal Reserve, the seal of a master account might be bestowed or denied at their unassailed discretion, much as Tolstoy’s generals giving orders upon the battlefield, without fret or hindrance over mere technicalities.
And thus began Custodia’s venture into the legal arena, sparked by wearisome delays at the Kansas City Fed’s gates in the year of grace, 2022. The bank’s fervor for battle was ignited in protest of procedural languor.
Custodia’s Ambition and Pursuit of Legal Endeavors Since Anno Domini 2020
Custodia, this peculiar institution of special purpose nestled in Wyoming’s high plains, sought a master account with the Kansas City Fed in the year 2020. Yet by the subsequent annum, the Federal Reserve Board, much like a grand vizier, intervened to oversee the termination of their plea.
The bank did protest, claiming the halt unjust, questioning the Fed’s dominion with the fervor of Ostrovsky debating in a Tsarist court. Nevertheless, both local and appellate courts have, with the gravitas of Tolstoy’s musings, confirmed: access to the Fed’s trove is not a right legislated.
The tribunal, with a firm hand, rebuffs the crypto bank Custodia’s plea to compel.
Custodia contemplates a solicitation for re-hearing the matter, though a panel of justices rendered a decreed refusal. The sequel remains uncharted.
– Mars Signals
Custodia’s model, as peculiar as it is, binds it to hold all its reserves, eschewing the traditional slips and fiats of conventional lending – a system as distinct as a Tolstoyan drama unto itself.
Waller’s Words and the Future Promises
In recent days past, Governor Christopher Waller of the Federal Reserve, ever reminiscent of a wise, patrician scribe, entertained thoughts of a “skinny master account,” offering it to the payment innovators of our time. Alas, details were thin as lace, leaving such dreams dangling in the air.
Although Custodia was not named in his enigmatic utterances, those particular desks suffused with the air of digital assets gazed upon this idea with rapt attention. The possibility of this limited entry to Fed’s Aladdin’s cave, without the broader majesty of bank-like stature, held a curious allure.
As none have heard Custodia’s voice on the matter at the time of this discourse, the ruling holds fast, clarifying once and for all the sovereign right of the Federal Reserve in deciding which merchants should be seated at the central banking table, much like Tolstoy’s generals commanding the chessboard.
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2025-11-01 15:35