Federal Reserve Rejects Digital Asset Bank’s Application, Faces Lawsuit
It was reported that the Federal Reserve had previously rejected the application of Customia, a digital asset bank, to join the Federal Reserve System. Customi…
It was reported that the Federal Reserve had previously rejected the application of Customia, a digital asset bank, to join the Federal Reserve System. Customia submitted a revised lawsuit to the Federal Reserve on Friday. According to the litigation documents, it is illegal to refuse his application. It is said that the Federal Reserve Board and the Biden government coordinated a series of public statements to cooperate with the refusal of Customia’s application. According to the lawsuit, the Federal Reserve rejected Custodia’s application for membership of the Federal Reserve system at the end of January, and Custodia’s main account application was rejected “immediately after”.
Customia, a digital asset bank, was refused to sue the Federal Reserve for applying for a master account
Interpretation of the news:
The recent rejection of Customia’s application to join the Federal Reserve System has sparked a legal battle between the digital asset bank and the Federal Reserve. According to reports, the Federal Reserve Board and the Biden government allegedly coordinated to publicly refuse Customia’s application, which the bank contends is illegal.
Customia submitted a revised lawsuit to the Federal Reserve on Friday, stating that the rejection of their application was unjustified and unlawful. The bank claims that the Federal Reserve had no grounds to deny their membership in the system and that it was a coordinated effort to block their entry.
The lawsuit contends that the Federal Reserve rejected Customia’s application at the end of January and immediately after, their main account application was dismissed. The bank believes that the board’s decision to reject their bid “was not based on any reasoned decision-making process” and that it prevented them from competing fairly with other financial institutions.
Although it is yet unclear why the Federal Reserve rejected Customia’s application, it is evident that the bank is committed to fighting for their right to join the system. If successful, this lawsuit could have major implications for digital asset banks in the future. As the use of cryptocurrencies and other digital assets continue to grow, access to traditional financial systems will become increasingly important for these institutions.
In conclusion, the rejection of Customia’s application to join the Federal Reserve System has led to a legal battle between the two entities. The bank contends that the decision was coordinated and illegal, and is fighting for their right to fair competition with other financial institutions. This case highlights the importance of digital asset banks being able to access traditional financial systems to remain competitive in the market.
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