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TD Cowen: More crypto companies are expected to obtain master accounts from the Federal Reserve, and banks are unable to stop this

By: rootdata|2026/03/06 09:43:30
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According to market news, TD Cowen stated that more cryptocurrency companies are expected to obtain such permissions this year, following Kraken's approval for a Federal Reserve master account.

Kraken Financial has become the first cryptocurrency company approved to access the Federal Reserve's core payment system, with the Kansas City Fed granting it a one-year "limited purpose" account, subject to undisclosed restrictions based on its business model and risk profile. Kraken qualified for the application due to its possession of a special purpose depository institution license in Wyoming, classified as a "Tier 3" entity by regulators.

TD Cowen pointed out that although banking organizations have raised objections and may file lawsuits, banks are powerless to prevent such approvals. The Federal Reserve is expected to limit Kraken's credit services, and it may not be able to earn reserve interest. Other cryptocurrency companies with slower application progress may need to wait for the Federal Reserve to finalize a streamlined review framework.

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