Banks Respond to Kraken’s Federal Reserve Access as Trump Sides with Crypto

The approval of Kraken’s access to the Federal Reserve’s core payments infrastructure has ignited a fierce response from the banking sector. In a statement on Wednesday, the Independent Community Bankers of America (ICBA) and the Bank Policy Institute (BPI) strongly opposed the Fed’s decision, arguing it posed a risk to the financial system’s stability. Banks Challenge Kraken’s Federal Approval Hours after news surfaced that Kraken had become the first crypto company to secure a master account from the Federal Reserve, the ICBA issued a scathing statement in response. “Granting nonbank entities and crypto institutions access to the master accounts traditionally limited to highly regulated insured depository institutions poses risks to the banking system,” said ICBA CEO Rebeca Romero, adding, “The Fed should continue limiting master account access to institutions that meet the financial services sector’s highest standards source: https://beincrypto.com/banks-respond-to-krakens-federal-reserve-access-as-trump-sides-with-crypto/