Federal Reserve rejects Customia’s application, faces legal action

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…

Federal Reserve rejects Customias application, faces legal action

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:


One of the key institutions in the United States’ financial system, the Federal Reserve, has become the subject of legal action for rejecting the application of a digital asset bank, Customia. According to reports, Customia submitted an updated lawsuit to the Federal Reserve on Friday, calling the rejection of the application illegal. The lawsuit goes on to claim that the Federal Reserve and the Biden government coordinated their efforts to block Customia’s application by making public statements.

Customia’s application for membership in the Federal Reserve System was rejected in late January, and its main account application was dismissed soon after. The company is now taking legal action against the Federal Reserve, accusing it of breaking the law. The implications of this legal action could be significant, as the decision-making process of the Federal Reserve and its potential power over the digital asset industry come under scrutiny.

The rejection of the application raises questions about the role of digital asset banks in the Federal Reserve System and whether they should be granted access. It also sheds light on the possible reasons behind the rejection, such as concerns about the stability and security of the digital asset industry. Furthermore, the coordination between the Federal Reserve and the Biden government highlights the potential involvement of politics in the decision-making process.

In conclusion, the legal action taken by Customia against the Federal Reserve challenges the institution’s decision-making processes and brings attention to the role of digital asset banks in the financial system. The controversy arising from this situation may also have a lasting impact on the development of the digital asset industry in the United States.

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