The U.S. Tenth Circuit Court of Appeals upheld Custodia Bank’s lack of authority to compel the Federal Reserve to provide a master account, affirming the central bank’s discretion. TD Cowen described the decision as a “speed bump,” suggesting Custodia might still pursue a slimmed-down account. Meanwhile, major crypto firms including Coinbase, Ripple, and Circle are seeking national trust bank licenses, signaling ongoing efforts by industry players to secure direct banking capabilities.