Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
  • bitcoinBitcoin(BTC)
    $0.000.210% 24H
    BITCOIN
    24H : 0.210%
    Volume : $0.00
    Marketcap : $0.00
  • ethereumEthereum(ETH)
    $0.00-0.17% 24H
    ETHEREUM
    24H : -0.17%
    Volume : $0.00
    Marketcap : $0.00
  • binancecoinBNB(BNB)
    $0.001.35% 24H
    BNB
    24H : 1.35%
    Volume : $0.00
    Marketcap : $0.00
  • rippleXRP(XRP)
    $0.000.890% 24H
    XRP
    24H : 0.890%
    Volume : $0.00
    Marketcap : $0.00
  • cardanoCardano(ADA)
    $0.00-0.66% 24H
    CARDANO
    24H : -0.66%
    Volume : $0.00
    Marketcap : $0.00
  • terra-lunaTerra Luna Classic(LUNC)
    $0.005.75% 24H
    TERRA LUNA CLASSIC
    24H : 5.75%
    Volume : $0.00
    Marketcap : $0.00
Coinscreed
  • Home
  • News
    • NFT News
    • Metaverse News
    • Bitcoin News
    • Ethereum News
    • Altcoin News
    • DeFi News
    • Blockchain News
    • Web3 News
    • Press Release
    • Hacks and Scams
    • Sponsored Post
  • Stories
    • Interviews
    • Secret Lives
    • My Life in Crypto
  • Market Analysis
  • Learn
    • Bitcoin
    • Ethereum
    • Cryptocurrency Exchange
    • NFTs
    • DeFi
    • Web3
    • Metaverse
    • Blockchain
    • Trading
    • Crypto Guide
  • Quizzes
Advertise
No Result
View All Result
Coinscreed
No Result
View All Result
Home News Cryptocurrencies

Crypto Banks Set To Receive Master Accounts From Fed

Juliet Okeke by Juliet Okeke
10 months ago
in Cryptocurrencies, News
Reading Time: 3 mins read
A A
Share on FacebookShare on Twitter
Wyoming’s crypto banks are expected to face the greatest scrutiny under the U.S. Federal Reserve Board’s established tiered rules for awarding Federal Reserve accounts.
Crypto Banks Set To Receive Master Accounts From Fed
Crypto Banks Set To Receive Master Accounts From Fed

The U.S. Federal Reserve Board said on Monday that it has reached a consensus on the criteria reserve crypto banks must take into consideration when evaluating requests for Federal Reserve accounts and payment services.

Depending on the risk level of the application, the rules provide a three-tiered review structure with the amount of due diligence to be given.

SuggestedArticles

SEC Chair Offers to Serve as Advisor to Binance - Report

SEC Chair Offers to Serve as Advisor to Binance – Report

26 mins ago
CBA Joins Westpac in Restricting Crypto Payments 

CBA Joins Westpac in Restricting Crypto Payments 

5 hours ago

The final standards, which take effect after being published in The Federal Register, are “essentially identical” to the first recommendations, which were initially suggested in May 2021 and followed by a supplementary proposal published in March. In a statement, the Fed noted:

“Institutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review.”

However, the framework was improved “to ensure more similar treatment amongst non-federally-insured institutions established under state and federal law,” the document added.

The most thorough examination will be given to non-federally insured banks that are chartered in accordance with federal law but lack a holding company under the control of the Federal Reserve. To use the international payment systems, crypto banks need a Federal Reserve account.

The Federal Reserve has long been criticized by cryptocurrency bankers for being sluggish to provide them access to Federal Reserve accounts, sometimes known as “master accounts.”

In 2019, Wyoming issued regulations allowing “blockchain banks.” Digital asset Custodia Bank, located in Wyoming, filed a lawsuit against the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City in June, alleging that the 19-month wait period for a master account surpassed the legal threshold for response time.

The Lummis-Gillibrand Responsible Financial Innovation Act would impose guidelines on how the Fed must respond to requests for master accounts.

Michelle Bowman, governor of the Federal Reserve Bank, issued a statement cautioning that the new rules “are merely the first step in creating a transparent process. […] There is a chance that this publishing may create a presumption that reviews will now be finished more quickly.

Tags: crypto banksU.S. Federal Reserve BoardWyoming

Oh hi there 👋
It’s nice to meet you.

Sign up to receive a weekly round-up of the latest happenings in the crypto space!

We don’t spam! Read our privacy policy for more info.

Please check your inbox or spam folder to confirm your subscription.

Coinscreed

Copyright © 2022 Coinscreed

Navigate Site

  • About
  • Advertise
  • Contact Us
  • Partners
  • Privacy & Policy
  • Crypto Price Charts

Follow Us

No Result
View All Result
  • Home
  • News
  • Stories
    • Interviews
    • My Life in Crypto
    • Secret Lives
  • Market Analysis
  • Learn
    • Bitcoin
    • Blockchain
    • Crypto Guide
    • Cryptocurrency Exchange
    • DeFi
    • Ethereum
    • Metaverse
    • NFTs
    • Trading
    • Web3
  • Contact Us

Copyright © 2022 Coinscreed

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.