Crypto Exchange Kraken Nears Global Rails: Prof. Hill at U of Alabama School of Law specializing in financial institution regulation said ABA likely asked Fed if SPDI was a “depository institution” before granting Custodia, & later Kraken, ABA numbers. Bitcoin exchanges can take over US bank sector!
tldr; The American Bankers Association (ABA) has granted a routing number to Kraken Bank, the banking arm of cryptocurrency exchange Kraken. It joins Custodia Bank, formerly known as Avanti, as the second digital asset-focused institution on the road to a Federal Reserve Master Account. The ABA opposed SPDI charters, calling them a recipe for regulatory arbitrage that would create a two-tiered system.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.*
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