The narrative presented here is a classic case of regulatory capture, albeit couched in terms of “discretion.” The 10th Circuit’s decision isn’t simply about facts; it’s about framing. The fact that Kraken received a master account *before* Custodia highlights a fundamental asymmetry: the Fed is actively constructing a pathway for crypto institutions, while simultaneously erecting barriers for those pushing against the established system. This is a clear application of ARC-0043 Motte-and-Bailey ...