The U.S. Tenth Circuit Court of Appeals has upheld a ruling denying Custodia access to a Federal Reserve master account. Despite this setback, TD Cowen analysts describe the decision as a "speed bump" rather than a roadblock for crypto banks. They suggest that these institutions might still gain access to the central bank payment system through a modified version of the master account. Meanwhile, major crypto firms like Coinbase, Ripple, and Circle continue to pursue national trust banking licenses, indicating ongoing interest in integrating with traditional financial systems.