Custodia Bank Enlists Top Legal Experts in Stablecoin Battle Against Fed’s Denial

• Custodia Bank, previously known as Avanti Bank, has engaged the services of ex-Obama solicitor Ian Gershengorn and ex-Virginia solicitor Michelle Kallen in its legal battle against the Federal Reserve.
• The bank is challenging the Fed’s decision to deny it direct access to the payment systems and membership in the Federal Reserve system.
• This legal battle could set a precedent for crypto-banks’ access to Fed systems.

Custodia Bank hires top legal experts in its fight against the Federal Reserve’s denial of its application for direct access to payment systems and Fed membership, potentially setting a precedent for crypto-banks.

Custodia Bank’s Legal Battle

Custodia Bank has enlisted the services of Ian Gershengorn, former acting solicitor general under President Barack Obama, and Michelle Kallen, ex-solicitor general of Virginia, to challenge the Federal Reserve’s ruling. The bank is demanding the reversal of the Fed’s decision, which it sees as a significant obstacle to its activities and expansion in the digital asset area.