Democrat questions Kraken's Federal Reserve account

Representative Maxine Waters, the ranking Democrat on the House Financial Services Committee, is scrutinizing Kraken's recently approved limited Federal Reserve master account. Waters has sent a letter to the Federal Reserve Bank of Kansas City, questioning the legal basis and consumer protection implications of granting direct access to Federal Reserve payment services to a crypto firm. This move by Kraken is the first of its kind, and Waters' inquiry could gain further significance given the upcoming congressional elections and potential shift in committee leadership. The Kansas City Fed has stated it will review the letter.