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On the same day that Kraken's Fedmaster Account was approved, the banking lobbying group immediately launched a counterattack.
Original Title: Banking lobby decries Kraken bagging 「skinny」 Federal Reserve account
Original Author: Eric Johansson, DLNews
Original Translation: DeepTech TechFlow
DeepTech Summary: Kraken securing a Federal Reserve master account triggered immediate pushback from the banking lobby, citing violations, lack of transparency, and bypassing the public comment process.
This is not just a regulatory dispute but a microcosm of the collision between the crypto industry and the $23 trillion traditional banking sector—also echoing the stablecoin interest rate battle.
Full Article:
Kraken has been granted a Federal Reserve master account, seen as a milestone for the long-oppressed crypto industry. However, banking lobbyists are pushing back against this decision. Following the approval of Kraken's master account application by the Kansas City Fed, the banking lobby expressed "deep concerns."
This victory grants the crypto exchange access to the same payment rails as thousands of banks and credit unions.
"We are deeply concerned about the Kansas City Fed's approval of a 'limited purpose' master account application—a seemingly 'skinny' account— at a time when the Fed has not yet completed a policy framework for such accounts," stated Paige Pedano Parrish, Co-Director of Regulatory Affairs at the Bank Policy Institute.
The advocacy group also criticized the Kansas City Fed's decision for disregarding public opinion, lacking transparency, and stating that this action "violates the Fed's own policy of seeking public comment when proposing significant changes to payment systems."
For Wyoming Republican Senator and longtime crypto supporter Cynthia Lummis, this decision marks "a watershed moment."
Indeed, this comes at a crucial juncture of the crypto industry clashing head-on with the U.S. banking sector—where the former is gaining increasing legal and regulatory recognition, thus encroaching on the territory traditionally held by the $23 trillion U.S. lending industry.
Kraken did not immediately respond to requests for comment.
A "Milestone"
On Wednesday, Kraken celebrated receiving its Fed master account, a move that will allow the crypto exchange to process transactions for large clients faster and more smoothly. Kraken Co-CEO Arjun Sethi had previously told DL News in September that the company's goal was to have institutional investors account for one-third of revenue.
While the company won't get the full suite of services from banks at the Fed—such as interest on reserves held at the Federal Reserve—this is still a major win for an industry that has long been seen as the financial industry's "unwanted stepchild."
"This milestone marks the convergence of crypto infrastructure with the national financial rails," Sethi said in a statement. "With the Fed master account, we can operate as a direct access financial institution rather than just a peripheral participant in the U.S. banking system."
Trump's pro-crypto policy provided a legitimacy endorsement for this industry. In his first year back in the Oval Office, the 79-year-old president issued a series of crypto-friendly executive orders, appointed industry allies to key government positions, supported looser regulation of the industry, and signed the landmark stablecoin bill, the GENIUS Act.
However, the GENIUS Act left a loophole that could allow crypto exchanges to pay interest on stablecoin holdings to customers, a move strongly opposed by the banking industry, fearing it would drive customers away from traditional banks.
This week, Trump sided with the crypto industry in the months-long dispute over stablecoin yields. This controversy has threatened the negotiation process of the CLARITY Act—the U.S. cryptocurrency regulatory framework draft.
The banking industry has been lobbying lawmakers to include provisions in the CLARITY Act to close this so-called stablecoin interest rate loophole. Crypto companies, in turn, have pushed back, accusing the banking industry of trying to renegotiate terms in a bill six months after its enactment.
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