"Waters' inquiry includes detailed questions about Kraken's access to Fed services, such as whether it can use FedACH, Check Services, FedCash, or Fedwire Securities Services."
"The letter also seeks clarity on balance and liquidity constraints, including whether Kraken can incur daylight overdrafts or hold unlimited overnight balances."
"Waters requests information on whether the Kansas City Fed imposed additional examination standards or risk controls beyond Wyoming's SPDI regime."
"The inquiry further examines if any conditions were coordinated with the Federal Reserve Board or other Reserve Banks."
Policymakers are intensifying scrutiny over access to U.S. payment infrastructure amid the integration of cryptocurrency. Congresswoman Maxine Waters has requested details from the Kansas City Fed regarding the approval of a limited purpose account for Kraken Financial. The approval raises regulatory uncertainties, particularly concerning its alignment with existing Federal Reserve frameworks. Waters' letter seeks clarification on the account's operational capabilities, balance constraints, and any additional standards imposed by the Kansas City Fed, as well as communications related to the approval process.
Read at news.bitcoin.com
Unable to calculate read time
Collection
[
|
...
]