Gate News message, April 10, according to a Reuters report, a certain CEX became the first crypto exchange approved to have a Federal Reserve master account, but the account is subject to strict limitations: it is only allowed to access the Fedwire payment system for its banking operations and holds only a limited balance, unable to earn interest or obtain emergency loans. This move has sparked concerns about risk and transparency in the U.S. financial system. Maxine Waters, chair of the House Financial Services Committee, has called for the disclosure of more account details. Regulatory experts said that lightly regulated crypto firms directly connecting to the Federal Reserve payment system could introduce operational and financial stability risks. The Federal Reserve said the relevant restrictions are intended to mitigate liquidity shocks and credit risk. The banking industry warned that this could affect bank-system liquidity and intensify money laundering and operational vulnerabilities. The exchange responded that its bank reserves fully support customer assets and that it complies with bank-level anti-money laundering and customer identification requirements.
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