{"id":484956,"date":"2022-08-15T23:54:59","date_gmt":"2022-08-15T20:54:59","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/fed-to-issue-long-awaited-guidelines-for-granting-master-accounts-to-crypto-banks\/"},"modified":"2022-08-15T23:54:59","modified_gmt":"2022-08-15T20:54:59","slug":"fed-to-issue-long-awaited-guidelines-for-granting-master-accounts-to-crypto-banks","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/fed-to-issue-long-awaited-guidelines-for-granting-master-accounts-to-crypto-banks\/","title":{"rendered":"# Fed to issue long-awaited guidelines for granting master accounts to crypto banks"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f3c3b3b82d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f3c3b3b82d\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/fed-to-issue-long-awaited-guidelines-for-granting-master-accounts-to-crypto-banks\/#%E2%80%9D_Fed_to_issue_long-awaited_guidelines_for_granting_master_accounts_to_crypto_banks_%E2%80%9C\" >&#8221; Fed to issue long-awaited guidelines for granting master accounts to crypto banks &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Fed_to_issue_long-awaited_guidelines_for_granting_master_accounts_to_crypto_banks_%E2%80%9C\"><\/span>&#8221; Fed to issue long-awaited guidelines for granting master accounts to crypto banks &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvYmI5MmQ4MmYtMDc5MS00Y2IzLThlYzItOTA5ZmRiMWUzN2NjLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-28d77a7a>The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/files\/other20220815a1.pdf\">create<\/a> a three-tiered review framework with the level of due diligence to be provided, depending on the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>licant\u2019s risk level.\u00a0<\/p>\n<p>Guidelines were first proposed in May 2021, with a supplemental proposal released in March, and the final guidelines, which come into force after their publication in The Federal Register, are \u201csubstantially similar\u201d to them. The Fed <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/other20220815a.htm\">said<\/a> in a statement that:<\/p>\n<blockquote><p>\u201cInstitutions that engage in novel activities and for which authorities are still developing appropriate supervisory and regulatory frameworks would undergo a more extensive review.\u201d<\/p><\/blockquote>\n<p>Nonetheless, it continued, the framework was refined \u201cto provide more comparable treatment between non-federally-insured institutions chartered under state and federal law.\u201d Non-federally-insured institutions that are chartered under federal law but do not have a holding company subject to Federal Reserve oversight will be subject to the most stringent review. Financial institutions need a Federal Reserve account to access the global payment systems.<\/p>\n<p><strong><em>Related: Fed vice chair Brainard urges faster crypto regulation, touts role for stablecoin<\/em><\/strong><\/p>\n<p>The Fed\u2019s slow approach to granting crypto banks access to Federal Reserve accounts, which are often referred to as \u201cmaster accounts,\u201d has long raised hackles among crypto bankers. Wyoming introduced rules to allow for \u201cblockchain banks\u201d in 2019. In June, Wyoming-based digital asset Custodia Bank sued the Federal Reserve Board of Governors and the Federal Reserve Bank of Kansas City, claiming that the 19 months it had been waiting to receive a master account exceeded the legally set limits on response time. <\/p>\n<p>The Lummis-Gillibrand Responsible Financial Innovation Act would create requirements for Fed responses to master account applications. <\/p>\n<p>Federal Reserve Bank governor Michelle Bowman <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.federalreserve.gov\/newsevents\/pressreleases\/bowman-statement-20220815.htm\">warned<\/a> in a statement that the new guidelines \u201care only the first step in providing a transparent process. [\u2026] There is a risk that this publication could set the expectation that reviews will now be completed on an accelerated timeline.\u201d<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/fed-to-issue-long-awaited-guidelines-for-granting-master-accounts-to-crypto-banks\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Fed to issue long-awaited guidelines for granting master accounts to crypto banks &#8220; The United States Federal Reserve Board announced Monday that it had finalized its guidelines for the factors reserve banks are to consider when reviewing requests for Federal Reserve accounts and payment services. The guidelines create a three-tiered review framework with the&#8230;<\/p>\n","protected":false},"author":1,"featured_media":484957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDgvYmI5MmQ4MmYtMDc5MS00Y2IzLThlYzItOTA5ZmRiMWUzN2NjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[71939,70550,70934],"class_list":["post-484956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-banks","tag-federal-reserve","tag-regulation"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/484956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=484956"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/484956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/484957"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=484956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=484956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=484956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}