The Blockchain Association filed an amicus brief supporting Custodia Bank's petition to the Supreme Court challenging the Federal Reserve's denial of its master account application. The industry group argues the case will determine whether lawful digital asset businesses can access the same Fed payment infrastructure as traditional banks, framing it as a competitive equity issue.
For Armada's crypto repo desk, Fed master account access for crypto-native institutions would expand the pool of potential settlement counterparties with direct Fed payment rail connectivity, reducing reliance on correspondent banking chains. A ruling against Custodia would entrench existing structural disadvantages for crypto-focused firms seeking traditional settlement infrastructure.