Maxine Waters Seeks Clarification on Kraken's Federal Reserve Account Approval

Maxine Waters has requested Kansas City Federal Reserve President Jeff Schmid to provide an explanation regarding Kraken's approval for a limited-purpose account and its access to Federal Reserve payment services. According to NS3.AI, Waters is seeking detailed information on Kraken's access to FedACH, FedCash, and Fedwire securities services, as well as the account's restrictions and risk management requirements. She has asked for a written response by April 10, 2026, expressing concerns that the account type may not have a clear basis in current regulations and account access guidelines.