Crypto giant Kraken's Fed payment account sparks concerns about risks - Reuters
Crypto giant Kraken's Fed payment account sparks concerns about risks Reuters
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"We look at this as a great testament to regulatory rigor and cooperation. It promotes principles of both safety and soundness, and innovation."
— Jonathan Jachym , Executive
"The Kansas City Fed’s announcement does not disclose specific information about Kraken’s access to the range of Federal Reserve financial services 'due to the confidentiality of business information provided by applicants.'"
— Maxine Waters , Politician
"As we know, the payments landscape is actively evolving. Throughout this transformation, the integrity and stability of the U.S. payments system remain our priority."
— Jeff Schmid , Executive
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<a href="https://news.google.com/rss/articles/CBMiwgFBVV95cUxPc1lLaDNkU2d0ZU9WUGNYZ3M3V2NRWndPV1dyemlKOGJMa2pVUEx6SGNLekRVRjJRT1BUaVB6SkJsak8xbnd0Z05ON1A3UkFXSHhIMlhOQ1psWGVpRzVXSGF4emtPQTFvMDlBcUViZTE5SnhDRG5KeUtjbEFHTVJGUVI4SnRySndsMDFHQXgwVS0wV1Q2WlZjeUY5R2Z1bkRmY2NXWGh4TnR0RTBhaGtkSHdDVE9pTWFBSnVFY2tudWZ4dw?oc=5" target="_blank">Crypto giant Kraken's Fed payment account sparks concerns about risks</a> <font color="#6f6f6f">Reuters</font>
Kraken's Federal Reserve master account raises concerns among banks and lawmakers over potential risks to the U.S. financial system, including money-laundering and operational issues.
Kraken's limited-purpose Federal Reserve master account has restrictions, including no interest on reserves and no access to emergency lending, aiming to mitigate risks.
Kraken's direct access to the Federal Reserve's payment system marks a significant milestone for institutional crypto adoption, with potential implications for leverage and market dynamics.
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