Former US Solicitor General Donald Verrilli has accused federal regulators of a coordinated effort to “debank” the cryptocurrency industry. Representing the Blockchain Association, Verrilli filed an amicus brief supporting Custodia Bank’s appeal against the Federal Reserve’s rejection of its master account application. The Fed’s decision followed statements from multiple federal agencies claiming cryptocurrencies were inconsistent with safe banking practices.

Additional Developments:

  • Custodia Bank’s Appeal: Other notable figures, including former Senator Pat Toomey and Wyoming Secretary of State Chuck Gray, have filed briefs supporting Custodia.
  • SEC Accounting Rule: The House will reconsider a resolution to overturn an SEC rule hindering banks from handling cryptocurrencies.
  • FIT21 Act: The US House passed the Financial Innovation and Technology for the 21st Century Act, aiming to regulate digital asset markets.