After the Federal Reserve granted Kraken a master account, banking organizations expressed "deep concern."
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According to market news, after the Federal Reserve approved the main account application of the cryptocurrency exchange Kraken, U.S. banking organizations expressed strong opposition, warning that this move could allow cryptocurrency institutions to access the central bank's payment system without the same regulatory protections as traditional banks.
The Bank Policy Institute stated that it is "deeply concerned," believing that the Kansas City Fed approved the application before the Federal Reserve finalized the framework for a limited-purpose main account policy, and that the approval process lacked transparency. The Independent Community Bankers of America also stated that allowing non-bank entities and cryptocurrency institutions to access main accounts poses risks to the banking system. A Federal Reserve governor mentioned last month that they hope to launch a streamlined account structure later this year.
Some participants in the cryptocurrency market believe that Kraken's approval signifies a breakthrough in establishing non-depository banking operations that do not rely on loans. In a previous news report, it was mentioned that Kraken was approved for a "streamlined" Federal Reserve main account, becoming the first cryptocurrency company authorized to access the Federal Reserve's core payment system, Fedwire.
-- Price
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