Custodia continues push for master account from Federal Reserve

CHEYENNE — “It ain’t over till it’s over” is a famous quote by baseball legend Yogi Berra about never quitting, and it may well apply to Custodia Bank of Cheyenne as it seeks to get approval for a Federal Reserve master account.

Caitlin Long, CEO and founder of Custodia Bank, anticipates learning this week Thursday of the Federal Reserve Board’s response to Custodia’s resubmitted application for a master account. The application was made in 2019, and Custodia filed a lawsuit last year against the Fed and the Federal Reserve Bank of Kansas City for delaying action on the application. On Jan. 27, it was announced that Custodia’s application was denied due to concerns over its crypto asset functions.