Kraken Chief Legal Officer: The Federal Reserve has not yet rejected Kraken’s master account application

On April 27th, Marco Santori, Chief Legal Officer of the Cryptocurrency Exchange, stated in a new interview that the exchange had previously submitted an application for the Federal Reserve’s main account, and so far, the Federal Reserve has not rejected the application. Marco Santori stated that Kraken will not publicly sue the Federal Reserve in a high-profile manner like Custodia, but will fight “behind the scenes” to connect to the FedNow network used by all other large financial institutions to settle transactions. （Decryt）

Kraken Chief Legal Officer: The Federal Reserve has not yet rejected Kraken’s master account application

1. Introduction
2. Kraken’s Application for Federal Reserve’s main account
3. Federal Reserve’s response to Kraken’s application
4. Kraken’s stance on the issue
5. Conclusion
6. FAQ
# Kraken’s Attempt to Join the FedNow Network
Kraken, one of the largest cryptocurrency exchanges in the world, made headlines on April 27th when their Chief Legal Officer, Marco Santori, announced that Kraken had applied for the Federal Reserve’s main account to gain access to the FedNow network. In this article, we will discuss Kraken’s application, the Federal Reserve’s response, and Kraken’s stance on the issue.

Kraken’s Application for Federal Reserve’s Main Account

Kraken has long been working to establish itself as a legitimate player in the cryptocurrency industry. In order to do so, they have been trying to gain access to the Federal Reserve’s main account, which would enable them to connect to the FedNow network used by all other large financial institutions to settle transactions.
According to Santori, Kraken submitted its application to the Federal Reserve more than a year ago. This application was made in order to gain access to the FedNow network, which would enable Kraken to process transactions more efficiently and effectively.

Federal Reserve’s Response to Kraken’s Application

Despite having been submitted over a year ago, the Federal Reserve has not yet rejected Kraken’s application for the main account. However, they have also not approved it. This has left Kraken and Santori feeling frustrated, as they have not been given a clear answer one way or the other.
According to Santori, Kraken will not publicly sue the Federal Reserve in a high-profile manner like Custodia, who has sued the Federal Reserve over its lack of action on their application for the same main account. Rather than creating a spectacle, Kraken has chosen to fight “behind the scenes” to gain access to the FedNow network.

Kraken’s Stance on the Issue

Kraken has been vocal about its frustration with being unable to gain access to the Federal Reserve’s main account. They believe that being able to connect to the FedNow network would significantly improve their ability to process transactions and maintain their status as a legitimate player in the cryptocurrency industry.
In a statement made by Santori, Kraken has not given up hope of gaining access to the FedNow network. They remain committed to the fight, working “behind the scenes” to connect to the network.

Conclusion

Kraken’s attempt to gain access to the Federal Reserve’s main account and the FedNow network has been met with frustration and uncertainty. While the Federal Reserve has not rejected Kraken’s application outright, they have also not approved it. Kraken remains committed to the fight and will continue to work to gain access to the network they believe will enable them to maintain their status as a relevant and legitimate player in the cryptocurrency industry.

FAQ

1. What is the FedNow network?
The FedNow network is a real-time payment and settlement system developed by the Federal Reserve.
2. Why is it important for Kraken to gain access to the FedNow network?
Gaining access to the FedNow network would enable Kraken to process transactions more efficiently and effectively and maintain their status as a legitimate player in the cryptocurrency industry.
3. How long has Kraken been trying to gain access to the Federal Reserve’s main account?
Kraken submitted their application for the main account over a year ago.