Limited account for Kraken - a symbol of change
The US Federal Reserve System (Fed) has taken an important step towards recognizing cryptocurrencies - it has issued a limited master account to the leading cryptocurrency exchange Kraken. This is a landmark event, as the regulator has so far taken a rather tough stance on digital assets, considering them a risk to financial stability.
However, the situation is starting to change. Issuing an account to Kraken was the first case where the Fed has granted such a privilege to a cryptocurrency company. This could be the first step towards broader recognition of digital assets as full-fledged financial instruments.
In parallel with this event, Cyrus Vance Jr., a candidate for the post of head of the US Office of the Comptroller of the Currency (OCC) appointed by former President Trump, successfully passed hearings in the Senate. This is another signal that US government agencies are gradually changing their approach to regulating the cryptocurrency market.
Significance for the industry
Kraken's acquisition of a Fed master account is an important milestone for the entire cryptocurrency industry. It demonstrates that the regulator is ready to make concessions and cooperate with the leading market players. This step could set a precedent for other major crypto companies wishing to gain direct access to the US banking system.
Overall, the events around Kraken and the appointment of Vance Jr. to the OCC indicate that the US authorities' stance on cryptocurrencies is gradually softening. This could lead to more favorable conditions for the development of digital assets in the US in the medium term.