Custodia Bank Loses 10th Circuit Bid for Fed Master Account as Kraken Secures Limited Access

On March 13, 2026, the 10th Circuit Court of Appeals voted 7-3 to deny Custodia Bank a rehearing, confirming the Federal Reserve's discretion to refuse the Wyoming crypto bank a master account it has pursued since 2020. The ruling leaves Custodia without direct access to U.S. payment rails even as rival Kraken Financial recently received a one-year, limited "skinny" master account, and it has prompted political pushback in Congress and talk of a possible Supreme Court appeal.