Kraken Pioneers Fed Payment System Access, Marking Regulatory Breakthrough for Crypto Industry

US-based cryptocurrency exchange Kraken has become the first digital asset platform to directly access the Federal Reserve's main payment network, a breakthrough stemming from its Wyoming special-purpose bank charter obtained back in 2020. This charter enabled it to enter the Fed's account system and successfully acquire a federal routing number in 2022, marking a crucial connection between crypto firms and traditional financial infrastructure.

This progress is not accidental but the result of long-term compliance efforts. In comparison, Ripple, while also seeking a similar status, is still in the early stages of its process. Although Ripple obtained a trust bank license from the Office of the Comptroller of the Currency (OCC) at the end of 2023, it has not yet received final approval from the Federal Reserve, leaving it significantly behind Kraken in achieving direct access.

It is worth noting that XRP, as a bridge asset on the XRP Ledger, primarily functions to accelerate fiat currency transfers rather than directly embedding into the Federal Reserve's payment network. Therefore, even if Ripple obtains federal access in the future, XRP itself will not become part of the Fed system; its value enhancement will be more reflected in the optimization of fiat currency flow efficiency. Currently, the model established by Kraken provides a replicable path for the industry: gradually integrating into the national financial infrastructure by using a state-level special-purpose bank charter as a springboard. This path has attracted widespread market attention, suggesting that more crypto companies may follow suit, promoting the deep integration of regulation and technology. Industry observers point out that as the policy environment gradually clarifies, the boundaries between crypto assets and the traditional financial system are blurring, but compliance and patience remain the keys to success. If Ripple wants to catch up with Kraken, it still needs to undergo a long and rigorous regulatory review process.