According to CoinMeta, the Blockchain Association has submitted an amicus curiae brief to the Supreme Court in support of the application of Custodia bank for a primary account approval from the Federal Reserve. This move comes after the Federal Reserve rejected the account application of Custodia bank on the grounds of “excessive risk,” demonstrating the unity of the crypto industry in striving for banking privileges. Custodia bank applied to the Federal Reserve for a primary account in 2020, aiming to serve as a “bank of banks” and provide access to the Federal Reserve’s payment system for other banks. Without a primary account, banks need intermediaries to manage transactions, which is not only time-consuming and costly but also carries the risk of intermediaries withdrawing their services. Custodia bank believes that the Federal Reserve has a legal obligation to provide primary accounts to any legitimate deposit institution. Although lower courts have supported the Federal Reserve’s decision, the Blockchain Association and other crypto advocates have stepped in to support Custodia in hopes of setting a precedent for future rulings.