According to BlockBeats, on July 4, the Blockchain Association, a US cryptocurrency lobbying group, submitted a friend of the court statement to the US Tenth Circuit Court in support of Custodia Bank's lawsuit against the US Federal Reserve.
The Chief Legal Officer of the Blockchain Association stated that the Federal Reserve's claim that digital assets have raised security and robustness issues protects large existing banks and makes it more difficult for industry participants to find banking partners. This puts customers in a difficult situation, and Custodia has become a victim of this scheme.
Most importantly, the Federal Reserve's main account provides security for banks and their customers. Inability to access this system would harm the interests of millions of law-abiding Americans participating in the digital asset economy.
The Blockchain Association hopes that the Tenth Circuit Court will make the right decision.