Rep. Waters Presses Kansas City Fed Over Kraken Master Account Approval

U.S. Representative Maxine Waters (D-CA), the ranking Democrat on the House Financial Services Committee, has formally demanded that the Federal Reserve Bank of Kansas City explain its legal basis for approving a Federal Reserve master account for Payward Financial, the entity doing business as Kraken Financial, marking the first time a crypto exchange has secured direct access to the Fed’s core payment infrastructure. In a letter transmitted Thursday to Kansas City Fed President Jeff Schmid, Waters requ ...