Odaily Planet Daily News Fox Business reporter Eleanor Terrett posted on the X platform that former U.S. Attorney General Paul Clement, who represented Loper Bright in the Chevron case in the Supreme Court, has just filed an amicus brief on behalf of the cryptocurrency industry in Custodia Bank's appeal against the Federal Reserve. After Clement recently successfully overturned the Chevron deference principle, he raised the question in the amicus brief filed this time whether the Federal Reserve violated Article II of the U.S. Constitution by allowing the Federal Reserve Chairman to make official decisions. This is a major challenge for Custodia, as it is seeking court intervention to limit the excessive power of the Federal Reserve (which recently rejected Custodia's request for access to the master account). Clement said: "In short, the district court gave the Federal Reserve Bank Chairman such a significant and almost unrestricted discretion, which raises serious constitutional questions about whether Article II of the Constitution has been violated."
