Kraken's Special Account Raises Concerns Over Fed Access

US Representative Maxine Waters has sent a letter to the Kansas City Federal Reserve expressing concerns over its recent approval of a special account for Kraken Financial.

The decision allows Kraken, a Wyoming-chartered Special Purpose Depository Institution, to access the Federal Reserve's payment system. This marks the first time a crypto firm has received this level of access.

Waters argues that the approval may lack a clear legal basis, citing that the term 'limited purpose account' does not appear in federal law or in the Federal Reserve's own account access guidelines.