Supreme Court Decisions Could Benefit Crypto Banks and Weaken Federal Agency Powers

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Cointime2024/07/24 10:55

By:Cointime

The Supreme Court's recent rulings have weakened the powers of federal agencies, which could benefit the crypto industry's access to payment systems. One decision requires the SEC to pursue fraud charges in federal courts rather than relying on its own administrative law judges, while another overturned the legal precedent of "Chevron deference." Custodia, a banking startup that provides services to digital asset businesses, is appealing a decision by the Federal Reserve Bank of Kansas City to deny its application for a master account. The FRBKC cited guidelines that tier banks based on factors such as size and regulatory status, but Custodia argues that the Monetary Control Act requires state-chartered banks to have access to master accounts. An appeals court amicus brief supporting Custodia referenced a recent Supreme Court decision that could limit regulatory shifts.

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