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Custodia's appeal tests whether the Federal Reserve has unreviewable discretion to deny a state-chartered, crypto-linked bank direct access to the US payments system.
The decision gives the President more power over independent regulators mid-rulemaking, and a former agency official is already calling the fallout unfortunate.
The ruling preserves the central bank's statutory independence and freezes a constitutional fight that could have redrawn how the White House pressures the Fed over rates.
U.S. importers have already received $20 billion in tariff refunds following a Supreme Court ruling that struck down…
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