Degen Chain Racks up Millions in Volumes; Latest in Custodia Bank's Legal Battle Against the Fed

The meme coin frenzy continues and a tornado cash developer files motion to dismiss his criminal indictment. You're watching coin desk daily. I'm your host, Jen Sani. A new layer three is stealing the meme coin spotlight D gen chain was released last week as a specialized network that sits on top of base, which is an Ethereum layer two. Since its launch, the project has attracted significant attention and transactional volume with its native token D gen zooming 500% since release. As of Monday, the network primarily housed speculative tokens but that hasn't stopped speculators from trading millions of dollars in volume on chain. Analysts say over 7500 contracts and 2300 tokens have been floated on the network since Thursday, albeit mostly rug polls or scams. Tornado cash developer, Roman Storm's legal team filed a motion on Friday to dismiss a criminal indictment alleging that he conspired to commit money laundering and violate sanctions. Storm was arrested last year over his work with tornado cash which has been used by North Korean hackers and other groups to launder money. The filing said Storm did not work with these groups but rather just published code that anyone can use. And a federal judge has rejected Wyoming based custodian Bank's argument that it's entitled to a Federal Reserve Master Account and membership with the Fed. The judge wrote that federal laws do not require the nation's central bank to give every eligible depository institution access to its master account system. Custodian sued the Fed in June 2022 arguing that the Federal Reserve Bank of Kansas City had been taking too long to make a decision on its application. It amended its complaint last year Master account allowed banks and depository institutions to directly access the Federal Reserve rather than go through an intermediary. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.