Custodia Bank just filed its opening brief with the 10th Circuit Court of Appeals challenging a Wyoming judge's decision to grant the Federal Reserve unfettered authority to reject its master account. Custodia is asking the appellate court to direct the Wyoming District Court to vacate the rejection of the Custodia master account and give it a master account. Custodia CEO Caitlin Long has hired a pair of veteran Supreme Court attorneys to defend his company. Here are some key points of their argument: 1. Custodia's lawyers allege that the Federal Reserve's power to deny master accounts to state-chartered banks undermines the dual banking system, which allows banks the freedom to operate under a state charter or a federal charter. 2. They also allege that the Federal Reserve's authority to discriminate against state-chartered banks that wish to obtain master accounts may violate the Currency Control Act, which allows state-chartered banks that wish to obtain Federal Reserve services fair access to services. 3. They emphasized that Congress used the word "shall" in the Monetary Control Act, which states that "all Federal Reserve banking services... shall be made available to non-member depository institutions" to illustrate Congress' intention to provide equal access to Federal Reserve services to all eligible banks.