Kraken Becomes First Crypto Firm To Gain Access To Federal Reserve’s Master A...
Kraken, the US’s second-largest crypto exchange, has reportedly secured access to the Federal Reserve’s (Fed) core payment systems, marking a significant milestone as the first crypto firm to operate on the same infrastructure utilized by thousands of banks and credit unions. Related Reading: South Korea To Review Seized Crypto Custody Practices After Recovery Phase Leak […]
Related News
The crypto industry took a significant step deeper into the traditional financial system on Wednesday after Kraken Financial, a Wyoming-chartered digital asset bank, was granted a Federal Reserve (Fed) master account. According to one expert, Ripple may follow suit. The approval makes Kraken Financial the first crypto-focused bank in US history to gain direct access […]
The Federal Reserve’s (Fed) decision this Wednesday to grant its first-ever master account to a crypto-focused institution has triggered swift opposition from major banking groups, intensifying tensions between traditional finance and the digital asset sector at a pivotal moment for US crypto legislation. Opposition From US Banking Groups Kraken Financial, the Wyoming-chartered banking arm of […]
Federal Reserve (Fed) Governor Christopher Waller said on Monday that progress on the long‑anticipated crypto market structure legislation, commonly referred to as the CLARITY Act, appears to have stalled in Congress. His remarks come as lawmakers remain divided over key issues, most notably stablecoin yield provisions and the Federal Reserve’s proposal for so‑called “skinny” master […]
Caitlin Long, the CEO of Wyoming-chartered Custodia Bank, delivered a stark assessment of crypto’s path to the Federal Reserve’s rails, arguing that firms operating under trust charters—including Ripple—will not be granted direct access to the Fed’s payment system unless they become true depository institutions. “Stablecoin issuers are not legally depository institutions,” she said. “To be […]
Custodia wants to compel the Federal Reserve Board and its Kansas City branch to approve its application for a Fed master account within 30 days. Wyoming based digital asset bank Custodia is suing the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming an “unlawful delay” in processing an application for its master account.Custodia, formerly known as Avanti was one of the first Special Purpose Depository Institutions (SPDIs) also known as “blockchain banks” made under a Wyoming regulatory framework.The bank was founded by Caitlin Long, an early advocate....