TechFlow News, March 27: According to a Cointelegraph report, U.S. Representative Maxine Waters—Ranking Member of the House Committee on Financial Services—sent a letter on Thursday local time to Jeff Schmid, President of the Federal Reserve Bank of Kansas City, requesting clarification regarding the approval of a limited-purpose master account for Kraken Financial and demanding a response by April 10.
In her letter, Waters requested specific details on the following: the actual scope of authority granted to Kraken’s approved account; the types of Federal Reserve services accessible through the account; the applicable conditions and restrictions; and how anti-money laundering (AML) and consumer protection measures were considered during the approval process.
