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27 sats \ 4 replies \ @BlokchainB 5 Jul \ on: The Federal Reserve, Custodia Bank, and the battle for Constitution sovereignty bitcoin
Hate to be a downer but I think this will end in a loss for Custodia. The system can’t handle a fully reserved bank
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0 sats \ 3 replies \ @Bell_curve 6 Jul
They will lose because the violation of the administrative procedural act won’t work
Custodia is still a good idea for Wyoming
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0 sats \ 2 replies \ @Bell_curve 6 Jul
They can operate without a master account
A master account is a Federal Reserve Bank account held by banks not individuals
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0 sats \ 1 reply \ @BlokchainB 6 Jul
But it must be important to their business model or why continually burn cash with this legal fight?
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50 sats \ 0 replies \ @Bell_curve 6 Jul
Amicus brief is pro bono
Master account is important for any bank.
A Federal Reserve master account is a record of financial rights and obligations between a financial institution and the Federal Reserve Bank. It is identified by a Primary nine-digit Routing Transit Number (RTN) and is used to settle transactions, manage reserves, and access various financial services provided by the Federal Reserve[2][3].
Sources [1] Master Account and Services Database - Federal Reserve Board https://www.federalreserve.gov/paymentsystems/master-account-and-services-database-about.htm [2] Master Account - FRBservices.org https://www.frbservices.org/financial-services/accounting/service-setup/master-account.html [3] Master Accounts and Services Database -- FAQs https://www.federalreserve.gov/paymentsystems/master-account-and-services-database-faq.htm [4] [PDF] Federal Reserve: Master Accounts and the Payment System https://crsreports.congress.gov/product/pdf/IN/IN12031 [5] Database: Existing Access - Federal Reserve Board https://www.federalreserve.gov/paymentsystems/master-account-and-services-database-existing-access.htm
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