According to PANews, former US Attorney General Paul Clement, who previously represented Loper Bright in a Supreme Court case against Chevron, has recently submitted an amicus brief on behalf of the cryptocurrency industry against Custodia Bank in an appeal case against the Federal Reserve. This comes after Clement successfully overturned the Chevron deference principle and raised a question in his submitted amicus brief about whether the Federal Reserve violated Article II of the US Constitution by allowing the Federal Reserve Chairman to make official decisions.
For Custodia, this is a significant challenge as it is seeking court intervention to limit the excessive power of the US central bank, which recently denied Custodia's request for main account access. Clement stated, 'In short, the district court has given the Federal Reserve Bank Chairman such significant and almost unrestricted discretionary power, which raises serious constitutional issues about whether Article II has been violated.'
Clement essentially questioned whether the structure of the Federal Reserve complies with the constitution, making the significance of this case far beyond just a problem for Custodia Bank.