Kraken has received approval from the Federal Reserve Bank of Kansas City for a limited-purpose master account, marking a significant milestone for the crypto industry, which has faced regulatory challenges in recent years. This approval allows Kraken to access the same payment systems as thousands of banks and credit unions, a move that has raised deep concerns among banking lobbyists who argue that the decision bypasses necessary public comment and transparency regarding the Federal Reserve’s policy framework. The approval reflects a broader trend under US President Donald Trump, who has been advancing pro-crypto policies, including the Genius Act aimed at stabilizing the regulatory environment for cryptocurrencies, amidst an ongoing clash between the crypto industry and traditional banks over the provision of interest on stablecoin holdings.
Kraken secures master account with Federal Reserve, banking lobby protests
