Gate News reports that on March 27, U.S. Representative and Chair of the House Financial Services Committee Democratic Maxine Waters sent a letter to Jeff Schmid, President of the Federal Reserve Bank of Kansas City. She requested an explanation regarding the approval of Kraken Financial’s limited-purpose master account and asked for a response by April 10. In the letter, Waters requested clarification on the following: the actual scope of permissions for the approved account, the types of Federal Reserve services accessible, the applicable conditions and restrictions, and considerations related to anti-money laundering and consumer protection measures during the approval process.
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