In a significant development, the legal battle involving Custodia Bank and the Federal Reserve has reached a pivotal moment. The judge overseeing the case has decided to cancel the scheduled trial, indicating that a summary judgment decision is imminent and will be issued forthwith. This decision comes as part of the lawsuit filed by Custodia Bank over the Federal Reserve's management of access to a Master Account, which is crucial for the bank's operations. The case has garnered attention due to its implications for the cryptocurrency industry and the Federal Reserve's regulatory stance, particularly in the context of the government's Operation Chokepoint 2.0 attack on crypto. Experts involved in the case, including those retained by the plaintiffs, believe that this move could signal a potential loss for the Federal Reserve, which would mark a significant setback for the government's regulatory efforts in the crypto space.
The judge in the @custodiabank case against the Fed has cancelled the scheduled trial, signaling that a ruling on summary judgment is imminent. A ruling against the Fed would be a major blow to the government’s Operation Chokepoint 2.0 attack on crypto. More on the case here👇 https://t.co/qhJSL1V7cq
The court issued an order (below) canceling the trial re the Fed's management of access to a Master Account (disclosure: I was an expert retained by plaintiffs on the history of the legislation that governs the case). I think this means the Fed is about to lose, as it should https://t.co/wLWAnXov9E
🚨NEW: A decision in the @custodiabank v. @federalreserve case will not go to trial and a summary judgment decision could be imminent. “A decision on the merits will be issued forthwith.” @CaitlinLong_ https://t.co/M0zJi6Q2iD
For those of you tracking the Custodia lawsuit over Fed master accounts, looks like the judge in the case has said there's no need for a trial and a decision is coming "forthwith." https://t.co/kUQoI44mEg
In IRS Seizure Case, 1st Circuit Weighs 4th Amendment Protection for Crypto Records https://t.co/gEYnHKZoKl