[Custodia Ruling Seen as a 'Speed Bump,' Crypto Banks May Still Access Central Bank Systems] The U.S. Tenth Circuit Court of Appeals upheld the ruling that Custodia is not entitled to a Federal Reserve master account. TD Cowen analysts believe this decision represents a 'speed bump rather than a roadblock' for crypto banks applying for master accounts. In the future, crypto banks may still access the central bank payment system through a 'slimmed-down version of master accounts.' Meanwhile, several institutions, including Coinbase, Ripple, and Circle, are actively applying for national trust bank licenses to further integrate into the traditional financial system.