On December 12, 2022, Custodia Bank (“Custodia”) – a state-chartered, digital asset-focused bank based in Wyoming – was denied its motion for a default judgment in its battle with the Federal Reserve Board of Governors (the “Board”) and the Federal Reserve Bank of Kansas City (the “KC Fed”) over its pending application for a master account with the Federal Reserve (the “Fed”). Custodia sought a default judgment in its bid for a master account because, it claims, the Fed “continues to drag its heels and create new ways to frustrate Custdodia’s efforts to obtain relief.”