ABA Statement on Kraken’s Limited-Purpose Master Account Access

"This decision is another example of agencies taking significant action while the rules are still a work in progress, creating risk for the financial system, consumers and the economy. With so many related issues still unsettled, including final GENIUS Act rules and the development of a 'skinny' master account framework, we have serious questions about why regulators are granting access to the Fed payment system and charters before completing the public notice and comment process that will inform any official guidance. This action puts the cart so far ahead, that the horse will never be able to catch up."

Additional Background:

• ABA Urges Strong Guardrails to Protect U.S. Payments System in Response to Fed's Payment Account Proposal (February 6, 2026)

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About the American Bankers Association

The American Bankers Association is the voice of the nation's $25.3 trillion banking industry, which is composed of small, regional and large banks that together employ over 2 million people, safeguard $20.1 trillion in deposits and extend $13.5 trillion in loans.