Kraken Financial Secures First Fed Master Account for Crypto Firm as Trump Nominates Pro-Bitcoin Fed Chair Candidate

Kraken Financial has become the first crypto-focused institution to obtain a Federal Reserve master account through its Wyoming-chartered bank, granting direct access to the Fed's payments infrastructure, the company and policy analysts said. The approval comes as the Fed considers a "skinny" master account framework to extend settlement capabilities under stricter risk controls, while industry groups including the Independent Community Bankers of America and the Banking Policy Institute warn that opening Fed payment rails to nonbank and crypto entities could pose systemic risks. Separately, President Trump nominated former Fed governor Kevin Warsh, who has expressed relatively favorable views on Bitcoin and digital assets, to chair the central bank, a move observers say could influence regulatory approaches to crypto access if confirmed. The developments mark a potential shift toward integrating digital asset firms with U.S. payment and settlement systems amid ongoing debate over financial stability safeguards.