PANews reported on March 27 that, according to Cointelegraph, Maxine Waters, the senior Democrat on the House Financial Services Committee, sent a letter to Jeff Schmid, president of the Federal Reserve Bank of Kansas City, requesting an explanation regarding the approval of a limited-purpose master account for Kraken Financial. Waters requested the Kansas City Fed to explain by April 10 the specific permissions of the Kraken account, the federal services it can access, any conditions or restrictions, and the anti-money laundering and consumer protection measures being considered.

Kraken's banking arm acquired the account earlier this month, granting direct access to the Federal Reserve's core payment system, Fedwire. Waters noted that innovation in payments, digital assets, tokenization, and artificial intelligence is rapidly pushing beyond existing legal frameworks, necessitating transparency regarding access to critical financial infrastructure. According to the crypto advocacy group Stand With Crypto, Waters is listed as a "strongly anti-cryptocurrency" lawmaker.