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The Blockchain Association has filed in support of Custodia Bank at the Supreme Court over Federal Reserve payment system access, arguing the central bank should hold no broad discretion to reject eligible state-chartered banks from connecting directly to its payment infrastructure.
The Blockchain Association's argument The group's position is narrow but pointed: eligibility should determine access.
Where a state-chartered bank meets the statutory bar, the Fed's authority to block a direct account is limited, the Blockchain Association argues.
The case challenges a reading of Fed discretion that, in the group's view, gives the central bank undue latitude to decide which qualifying institutions can reach its payment rails and which cannot.
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