Summary
- TD Cowen said it believes additional crypto firms are likely to secure Fed master accounts this year.
- It said similar cases could follow Kraken’s Fed master account approval, and that further approval announcements may come in the coming months.
- TD Cowen said banks could respond with lawsuits, but emphasized that banks have no authority to block the approvals themselves.
Forecast Trend Report by Period
U.S. investment bank TD Cowen said it expects additional digital-asset (cryptocurrency) companies to have a strong chance of securing Federal Reserve (Fed) master accounts this year.
According to The Block, a digital-asset (cryptocurrency) news outlet, TD Cowen said similar cases could follow after crypto exchange Kraken won approval for a Fed master account.
TD Cowen explained, "Given that U.S. President Donald Trump has supported the digital-asset industry, approval for crypto firms to obtain master accounts was effectively inevitable."
It added, "There is a possibility that additional approval announcements could come in the coming months."
TD Cowen also raised the possibility that the banking industry could push back by filing lawsuits, but stressed that "banks have no authority to block these approvals themselves."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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