According to Eleanor Terrett, Wyoming-based Custodia Bank has filed a petition for rehearing en banc asking the full Tenth Circuit to reconsider its October decision that sided with the Federal Reserve in denying Custodia a master account, extending the legal battle over direct access to Fed payment services. Source: Eleanor Terrett on X, Dec 16, 2025. A Federal Reserve master account provides a depository institution with direct access to payment and settlement services such as Fedwire and reserve account services, which directly affects a bank’s ability to provide fiat rails to clients. Source: Federal Reserve, Account Services and Master Accounts overview. En banc rehearing is not favored and is reserved for questions of exceptional importance or to maintain decisional uniformity under Federal Rule of Appellate Procedure 35, indicating a high bar for reconsideration. Source: Federal Rules of Appellate Procedure 35. For traders, this proceeding is a key regulatory risk indicator for U.S. crypto banking access and fiat on/off-ramp reliability, so monitoring whether the Tenth Circuit grants or denies en banc review can help assess counterparty and liquidity risks tied to bank-integrated crypto services. Source: Federal Reserve Financial Stability Report, May 2023; Eleanor Terrett on X, Dec 16, 2025.

According to the source, Federal Reserve records indicate Anchorage Digital Bank has submitted a master account application, as reflected in the Federal Reserve master account directory maintained by Federal Reserve Financial Services. A master account enables direct access to Fedwire and FedACH for U.S. dollar settlement, as defined by Federal Reserve Financial Services. The regulatory bar remains high, as the Federal Reserve Board denied Custodia Bank’s membership application in January 2023 over risk management concerns tied to crypto activities, according to the Federal Reserve Board press release. Traders should monitor the Federal Reserve master account directory for status updates and Office of the Comptroller of the Currency communications on Anchorage’s national trust bank oversight to gauge potential impacts on fiat on and off ramps for crypto desks, according to the Federal Reserve and the OCC. Any change in direct Fed access for a regulated crypto custodian can alter USD settlement efficiency that underpins liquidity on U.S. crypto venues, according to Federal Reserve statements on payment system access and settlement efficiency.