Democratic lawmakers in the U.S. have sent a letter to the Federal Reserve Bank of Kansas City, requesting details regarding the approval of Kraken's access to the Fed's services.

Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, sent a letter to Jeff Schmid, president of the Federal Reserve Bank of Kansas City, requesting detailed information regarding the bank's approval of cryptocurrency exchange Kraken (Payward Financial) to open a "limited-purpose account" and access the Federal Reserve's payment system. She requested a written response by April 10, 2026. In her letter, Waters requested disclosure of the specific services Kraken can access, including FedACH, FedCash, and Fedwire securities services. She also requested details on the restrictions and risk management requirements for the account, and inquired whether the approval was reviewed by the Federal Reserve Board or other government officials, and whether there was any external influence. She further pointed out that the "limited-purpose account" lacks clear basis in current regulations and the Federal Reserve's account access guidelines, potentially raising concerns regarding policy, regulation, and consumer protection.