Donald Verrilli, the former U.S. solicitor general, recently accused federal regulators of actively working to exclude the digital asset industry from the banking sector. In a legal filing on July 3, Verrilli supported Custodia Bank's appeal against the Federal Reserve's denial of a master account. The Fed's rejection, based on concerns about Custodia's ties to the crypto space, was upheld by a judge in March 2024. Verrilli highlighted a joint statement from federal agencies in January 2023, expressing skepticism about crypto's compatibility with banking standards. Other notable figures, including former Senator Pat Toomey and Paul Clement, have also backed Custodia's appeal. The ongoing legal battle may be influenced by a recent Supreme Court decision and a pending resolution in the U.S. House of Representatives regarding crypto handling by banks. Read more AI-generated news on: https://app.chaingpt.org/news