The Custodia ruling is seen as a "speed bump," TD Cowen says it does not hinder crypto banks from applying for master accounts

According to The Block, the U.S. Tenth Circuit Court of Appeals upheld the ruling that Custodia is not entitled to a Federal Reserve master account. TD Cowen's analysis describes this outcome as a "speed bump rather than a roadblock," suggesting that there is still hope for crypto banks to access the central bank's payment system through a "streamlined master account" in the future.

Currently, institutions including Coinbase, Ripple, and Circle are also seeking national trust bank charters.