PANews reported on November 4th that, according to The Block, the U.S. Tenth Circuit Court of Appeals upheld Custodia's ruling that it was not entitled to the Federal Reserve's master account . TD Cowen analyzed that this result was a "speed bump rather than a roadblock," and that crypto banks could still potentially access the central bank payment system through a "slimmed-down master account." Currently, institutions including Coinbase, Ripple, and Circle are also seeking national trust banking licenses.