Custodia Files Lawsuit in U.S. Court Against BNY Mellon’s Crypto Approval
The post Custodia Files Lawsuit in U.S. Court Against BNY Mellon’s Crypto Approval appeared first on Coinpedia Fintech News
Custodia Bank, previously Avanti Bank, has filed a complaint in a U.S. court in Wyoming alleging “favoritism” and a “lack of respect” by the Kansas City Fed’s Board of Directors in permitting BNY Mellon (BK) to participate in crypto custody but not granting Custodia clearance for a Fed master account that has been pending for 19 months.
Nathan Miller, a Custodia Bank spokeswoman, reported, “Last Monday, the Federal Reserve notified a federal judge that retaining custody of digital assets such as Bitcoin presented a ‘novel, precedent-setting threat.’ The Fed approved BNY Mellon to do the same thing this week. So it has one guideline for innovators like Custodia Bank and another for the nation’s oldest bank,”