Surprise Kraken Master Account Decision Marks Turning Point for Crypto Banks

Rep. Lisa McClain previews tomorrow's Finra hearing; OMB mix-up causes brief panic over SEC crypto `final rule'

The Kansas City Fed’s decision today to grant a master account to the crypto exchange Kraken infuriated the banking industry. It also marks a turning point that few saw coming so soon.

For years, the central bank has resisted giving digital asset companies access to the U.S. payments system – it has even fought a long-running court battle to keep out one…