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CRYPTO BANK CUSTODIA FILED SUIT AGAINST THE US FEDERAL RESERVE

CRYPTO BANK CUSTODIA FILED SUIT AGAINST THE US FEDERAL RESERVE

In filing a petition in the United States District Court of Wyoming, Custodia accused the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City of delaying the application process for 19 months and called the big account "critical" to Custodia's business.


"Such an account will allow Custodia to have direct access to the Federal Reserve, rather than through a mediator bank," Custodia said in a statement, which also accused the Fed of accepting "baseless" procedures that allowed them to "do secret acts, at any time. "


The lawsuit alleges that Fed Fed documents "take a major account decision" usually take 5-7 business days, and that the processing delay "clearly violates the 1-year deadline to do so."


In February, Wustoming's Custodia, formerly known as Avanti Bank, appeared to be on the verge of acquiring a major account when it received a tracking number issued by the American Bankers Association (ABA) - a landmark in the monetary system. Fed account.


Route numbers are used to identify bank checks and other transaction purposes and are issued only to public or state-owned financial institutions that are also eligible to have a Fed account, according to the ABA website.

Source: yahoo

Note: Crypto Bank Custodia Sues Federal Reserve (yahoo.com)



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