According to PANews, former U.S. Attorney General Paul Clement, who represented Loper Bright in the Chevron case in the Supreme Court, now represents the cryptocurrency industry in the appeal case of Custodia Bank (crypto-friendly regret) against the Federal Reserve. After Clement recently successfully overturned the Chevron deference principle, he raised a question in the amicus brief submitted, namely 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 significant challenge for Custodia, as it is seeking court intervention to limit the excessive power of the U.S. central bank, which recently denied Custodia's request for access to its master account. "In summary, the district court's granting of such significant and virtually unfettered discretion to the Federal Reserve Bank Chairman raises serious constitutional questions about whether Article II of the Constitution is violated," said Clement. Clement essentially questioned the constitutionality of the Federal Reserve's structure, making the case far more significant than just the Custodia Bank issue.
