Top Democrat on House committee questions Kraken's Federal Reserve account

U.S. Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, has sent a letter to the president of the Federal Reserve Bank of Kansas City questioning the approval process and terms of the limited "master account" granted to crypto exchange Kraken. Waters noted that neither statute nor Federal Reserve Board guidelines explicitly refer to this 'limited purpose account' type, raising concerns about its legal footing, potential consumer-protection issues, and the process used for approval. Kraken's account grants it direct access to Federal Reserve payment services, a privilege sought by several other crypto firms awaiting approval under a separate, ongoing rulemaking process in Washington. Waters' inquiry carries weight as she is expected to chair the committee if Democrats win the House in the upcoming elections.

(Source：CoinDesk)