The U.S. Court of Appeals for the Tenth Circuit has denied Custodia Bank's request for an en banc rehearing, maintaining the Federal Reserve's authority to approve or deny master account applications. The decision, reached by a 7-3 vote, upholds the October 2025 ruling against Custodia, a Wyoming-chartered special-purpose depository institution founded by Caitlin Long. Custodia's application, initially filed in October 2020, was rejected by the Kansas City Fed in January 2023 due to concerns over its cryptocurrency-focused business model. This ruling comes shortly after the Kansas City Fed granted Kraken a limited cryptocurrency master account, and as the Federal Reserve develops a broader framework for streamlined master accounts. Custodia had previously filed a lawsuit challenging the delay and denial of its application, citing the Monetary Control Act, but the courts have consistently dismissed these claims.