<p>根据投资银行 TD Cowen 的说法，尽管预计银行会反对，但今年更多的加密公司可能会获得美联储主账户的访问权限，因为 Kraken 获得了批准。</p>
<p>TD Cowen 华盛顿研究小组的董事总经理 Jaret Seiberg 在周四的一份报告中表示：“我们认为这是美联储批准加密实体获得主账户的第一步。” 他补充道：“正如我们在选举以来所写的，考虑到特朗普总统对加密行业的支持，加密实体获得主账户的访问是不可避免的。我们预计在未来几个月会有更多公告。”</p>
<p>周三，Kraken 的银行部门 Kraken Financial 成为第一家获得美联储核心支付系统访问权限的加密公司。堪萨斯城联邦储备银行表示，已批准 Payward Financial（以 Kraken Financial 名义运营）的一项 “有限用途” 账户，初始期限为一年，包含针对 Kraken Financial 的商业模式和风险特征量身定制的未披露限制和条件。</p>
<p>Kraken 之所以符合账户资格，是因为它作为怀俄明州特许的特殊目的存款机构运营，属于监管机构所描述的 “三级” 类别。这些实体在法律上有资格获得主账户，但由于缺乏联邦银行监管机构，面临 “最严格” 的监管审查，Seiberg 表示。</p>
<p>他补充说，堪萨斯城联邦储备银行的决定表明，监管机构已完成对 Kraken 申请的全面审查，尽管与批准相关的条件细节仍然有限。根据 Seiberg 的说法，美联储将限制 Kraken 对某些服务的访问。他表示，中央银行不太可能授予 Kraken 信贷设施的访问权限，例如透支特权或贴现窗口。Seiberg 还预计 Kraken 在中央银行持有的准备金上不会获得利息。</p>
<p>“有趣的是，堪萨斯城联邦储备银行在美联储委员会批准所谓的精简主账户之前，批准了有限的主账户访问，这些账户旨在更容易获得批准，因为它们限制了对美联储信贷项目的访问，并且不支付准备金利息，” Seiberg 说。</p>
<p><strong>银行将反击</strong></p>
<p>根据 Seiberg 的说法，银行可能会继续反对此类批准。代表美国主要银行的银行政策研究所已经对向加密相关机构授予主账户提出了异议。该研究所表示，他们 “深感担忧”，堪萨斯城联邦储备银行在美联储委员会最终确定这些账户的政策框架之前，批准了有限用途主账户的账户请求——这似乎是一个 “精简” 账户。</p>
<p>Seiberg 表示，Kraken 的批准可能反映了堪萨斯城联邦储备银行能够根据现有程序完成对其申请的全面审查。其他申请进展较慢的加密公司可能需要等待美联储委员会最终确定简化审查框架。</p>
<p>“银行将继续努力阻止加密实体获得主账户，” Seiberg 说。“尽管我们预计会有诉讼和政治反对，但我们的观点仍然是加密实体将拥有主账户。”</p>
<p>在 2023 年，美联储委员会拒绝了 Custodia Bank 成为美联储系统成员的申请，认为该公司的提案与法律要求的因素不一致。</p>
<p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、影响深远和及时的信息。以下是我们当前的财务披露。</p>
<p>© 2026 The Block。保留所有权利。本文仅供信息参考。并不提供或意图作为法律、税务、投资、金融或其他建议。</p>

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<p>根据 TD Cowen 的说法，随着 Kraken 最近获得批准，预计更多的加密公司将获得美联储主账户的访问权限。Jaret Seiberg 指出，这一批准标志着特朗普总统任内许多此类批准的开始。Kraken Financial 是一家怀俄明州特许的机构，获得了一个有限用途的账户，并附有限制。尽管银行反对，Seiberg 认为加密实体最终将获得主账户，尽管预计会有诉讼和政治反对。美联储此前拒绝了 Custodia Bank 加入美联储系统的申请</p>

<p>More crypto firms are likely to gain access to Federal Reserve master accounts this year following the approval granted to Kraken, despite expected pushback from banks, according to investment bank TD Cowen.</p>
<div class="lb-trans"><p>根据投资银行 TD Cowen 的说法，尽管预计银行会反对，但今年更多的加密公司可能会获得美联储主账户的访问权限，因为 Kraken 获得了批准。</p>
</div><p>&#34;We see this as the first of many Federal Reserve approvals for crypto entities to obtain master accounts,&#34; Jaret Seiberg, managing director at TD Cowen’s Washington Research Group, said in a Thursday note. &#34;As we have written since the election, crypto entity access to master accounts was inevitable under President Trump given his support for the crypto sector. We expect additional announcements in the coming months.&#34;</p>
<div class="lb-trans"><p>TD Cowen 华盛顿研究小组的董事总经理 Jaret Seiberg 在周四的一份报告中表示：“我们认为这是美联储批准加密实体获得主账户的第一步。” 他补充道：“正如我们在选举以来所写的，考虑到特朗普总统对加密行业的支持，加密实体获得主账户的访问是不可避免的。我们预计在未来几个月会有更多公告。”</p>
</div><p>On Wednesday, Kraken’s banking unit, Kraken Financial, became the first crypto company to win access to the Federal Reserve’s core payment systems. The Federal Reserve Bank of Kansas City said it approved a &#34;limited purpose&#34; account for Payward Financial, doing business as Kraken Financial, for an initial term of one year that includes undisclosed restrictions and limitations tailored to Kraken Financial’s business model and risk profile.</p>
<div class="lb-trans"><p>周三，Kraken 的银行部门 Kraken Financial 成为第一家获得美联储核心支付系统访问权限的加密公司。堪萨斯城联邦储备银行表示，已批准 Payward Financial（以 Kraken Financial 名义运营）的一项 “有限用途” 账户，初始期限为一年，包含针对 Kraken Financial 的商业模式和风险特征量身定制的未披露限制和条件。</p>
</div><p>Kraken qualified for the account because it operates as a Wyoming-chartered Special Purpose Depository Institution, placing it in what regulators describe as the &#34;Tier 3&#34; category. These entities are legally eligible for master accounts but face the &#34;strictest&#34; regulatory scrutiny because they lack a federal banking supervisor, Seiberg said.</p>
<div class="lb-trans"><p>Kraken 之所以符合账户资格，是因为它作为怀俄明州特许的特殊目的存款机构运营，属于监管机构所描述的 “三级” 类别。这些实体在法律上有资格获得主账户，但由于缺乏联邦银行监管机构，面临 “最严格” 的监管审查，Seiberg 表示。</p>
</div><p>He added that the Kansas City Fed’s decision suggests regulators have completed a full review of Kraken’s application, though details of the conditions attached to the approval remain limited. According to Seiberg, the Fed will limit Kraken’s access to certain services. He said the central bank is unlikely to grant Kraken access to credit facilities such as overdraft privileges or the discount window. Seiberg also expects Kraken will not earn interest on reserves held at the central bank.</p>
<div class="lb-trans"><p>他补充说，堪萨斯城联邦储备银行的决定表明，监管机构已完成对 Kraken 申请的全面审查，尽管与批准相关的条件细节仍然有限。根据 Seiberg 的说法，美联储将限制 Kraken 对某些服务的访问。他表示，中央银行不太可能授予 Kraken 信贷设施的访问权限，例如透支特权或贴现窗口。Seiberg 还预计 Kraken 在中央银行持有的准备金上不会获得利息。</p>
</div><p>&#34;What does make this interesting is that the Kansas City Fed approved the limited master account access before the Federal Reserve Board approved so-called skinny master accounts, which are designed to be easier to approve because they limit access to Fed credit programs and do not pay interest on reserves,&#34; Seiberg said.</p>
<div class="lb-trans"><p>“有趣的是，堪萨斯城联邦储备银行在美联储委员会批准所谓的精简主账户之前，批准了有限的主账户访问，这些账户旨在更容易获得批准，因为它们限制了对美联储信贷项目的访问，并且不支付准备金利息，” Seiberg 说。</p>
</div><p><strong>Banks will fight back</strong></p>
<div class="lb-trans"><p><strong>银行将反击</strong></p>
</div><p>Banks are likely to continue opposing such approvals, according to Seiberg. The Bank Policy Institute, which represents major U.S. banks, already filed objections to granting master accounts to crypto-related institutions. The institute said it was &#34;deeply concerned&#34; that the Kansas City Fed approved an account request for a limited-purpose master account — which appears to be a &#34;skinny&#34; account — before the Federal Reserve Board finalized its policy framework for those accounts.</p>
<div class="lb-trans"><p>根据 Seiberg 的说法，银行可能会继续反对此类批准。代表美国主要银行的银行政策研究所已经对向加密相关机构授予主账户提出了异议。该研究所表示，他们 “深感担忧”，堪萨斯城联邦储备银行在美联储委员会最终确定这些账户的政策框架之前，批准了有限用途主账户的账户请求——这似乎是一个 “精简” 账户。</p>
</div><p>Seiberg said Kraken’s approval likely reflects the fact that the Kansas City Fed was able to complete a full review of its application under existing procedures. Other crypto firms whose applications are less advanced may have to wait for the Federal Reserve Board to finalize the streamlined review framework.</p>
<div class="lb-trans"><p>Seiberg 表示，Kraken 的批准可能反映了堪萨斯城联邦储备银行能够根据现有程序完成对其申请的全面审查。其他申请进展较慢的加密公司可能需要等待美联储委员会最终确定简化审查框架。</p>
</div><p>&#34;Banks will continue to fight to prevent crypto access to master accounts,&#34; Seiberg said. &#34;Though we expect litigation and political pushback, our view remains that crypto entities will have master accounts.&#34;</p>
<div class="lb-trans"><p>“银行将继续努力阻止加密实体获得主账户，” Seiberg 说。“尽管我们预计会有诉讼和政治反对，但我们的观点仍然是加密实体将拥有主账户。”</p>
</div><p>In 2023, the Federal Reserve Board denied the application by Custodia Bank to become a member of the Federal Reserve System, concluding that the firm's proposal was inconsistent with the required factors under the law.</p>
<div class="lb-trans"><p>在 2023 年，美联储委员会拒绝了 Custodia Bank 成为美联储系统成员的申请，认为该公司的提案与法律要求的因素不一致。</p>
</div><p>Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.</p>
<div class="lb-trans"><p>免责声明：The Block 是一个独立的媒体机构，提供新闻、研究和数据。截至 2023 年 11 月，Foresight Ventures 是 The Block 的主要投资者。Foresight Ventures 还投资于其他加密领域的公司。加密交易所 Bitget 是 Foresight Ventures 的主要有限合伙人。The Block 继续独立运营，提供关于加密行业的客观、影响深远和及时的信息。以下是我们当前的财务披露。</p>
</div><p>© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p>
<div class="lb-trans"><p>© 2026 The Block。保留所有权利。本文仅供信息参考。并不提供或意图作为法律、税务、投资、金融或其他建议。</p>
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More crypto firms likely to get Fed master accounts and banks lack power to block approvals, TD Cowen says

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TD Cowen 表示，更多的加密公司可能会获得美联储的主账户，而银行则缺乏阻止这些批准的权力