Banking lobby decries Kraken bagging ‘skinny’ Federal Reserve account

The banking lobby has been left “deeply concerned” after Kraken’s master account request was approved by the Federal Reserve Bank of Kansas City. The win gives the crypto exchange access to the same payments rail as thousands of banks and credit unions. “We are deeply concerned that the Federal Reserve Bank of Kansas City has approved an account request for a ‘limited purpose’ master account — which appears to be a ‘skinny’ account — before the Federal Reserve Board has finalised its policy framework for ...