Markets Outlook What Does It Mean for Kraken to Have Fed Master Account Access? | Markets Outlook
Mar 4, 2026
Jonathan Jachym, Kraken’s Global Head of Policy, explains the years-long push to secure direct Federal Reserve payment access. He discusses bypassing banks to speed settlement and strengthen custody. He outlines why Kraken succeeded where others did and the regulatory steps ahead, plus the implications of recent CLARITY Act debates.
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Direct Fed Access Improves Risk And Efficiency
- Direct Fed access improves risk management and operational efficiency for Kraken Financial.
- Kraken earned this through its Wyoming SPDI license, an ABA routing number, and multi-year regulatory exams with the Kansas City Fed.
Kraken's Multi Year Regulatory Journey
- Kraken traced the path to Fed access back to 2020 when it secured a Wyoming SPDI license and later obtained an ABA routing number in 2022.
- Jonathan Jachym described a multi-year engagement of exams and reviews with the Wyoming Division of Banking and the Kansas City Fed to build trust.
Direct Connectivity Removes Intermediaries
- Bypassing intermediaries via direct Fedwire connectivity removes layers and speeds US dollar settlement.
- Jachym said direct connectivity helps treasury, risk management at scale, and integration of crypto custody into dollar settlement.