U.S. Bank Groups Express Concern Over Federal Reserve Granting Kraken Master Account

Traditional banking associations voice apprehension following the Federal Reserve’s approval of a master account for cryptocurrency exchange Kraken.

Summary

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Terms & Concepts
  • Master Account: A Federal Reserve account allowing direct access to payment and settlement systems used by banks.
  • Kraken: A U.S.-based cryptocurrency exchange enabling trading of digital assets and offering related financial services.
  • Federal Reserve: The central banking system of the United States that oversees monetary policy and regulates financial institutions.