Kraken’s approval to operate with a master account at the FED (Federal Reserve) marks an unprecedented step in the rapprochement between and the United States financial system.
For Vanessa Butalla, Vice President of Legal, Compliance and Risks at Mercado Bitcoin, she explains that, now, the company will now access the central bank’s payment rails.
“In practice, this process shortens the path of operations in dollars, allowing for more direct settlements and less dependence on banking intermediaries”, he states.
The bill, however, was granted with limitations. Access is partial and does not include traditional Fed instruments, which indicates caution on the part of authorities.
The movement also takes place under questions regarding the transparency of the process and the possible impacts on the stability of the financial system, especially with the entry of non-banking companies into critical structures.
For Butalla, the episode reflects a broader change in the market.
“We see companies that were born in the digital environment start to directly access structures of the traditional financial system, which reduces operational frictions and brings the two universes closer together”, he says.
The executive highlights that this approach takes place in parallel with , a factor that could redefine the sector in the coming years.
“The integration between crypto companies and the traditional financial system, in a more regulated environment, tends to increase investor confidence”, he states.
For the investor, the main impact is on the infrastructure that supports the operation. “Faster transactions, less friction and greater predictability in movements”, he analyzes.
Still, integration does not eliminate the risks characteristic of the crypto market, such as differences between platforms.
Despite the uncertainties, the Kraken case is seen as a relevant precedent for the sector, even if there are no immediate changes.
“This is not a broad or immediate opening. Access remains restricted, with strict criteria, which reinforces that this evolution must happen gradually and selectively, favoring companies with a greater degree of maturity, governance and regulatory alignment”, he concludes.
Money Review
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