His mother! After waiting for five and a half years, the cryptocurrency industry finally touched the doorknob of the Federal Reserve! Last week, the news that Kraken had access to the Federal Reserve's main account flooded the internet. Many big V's have taken the opportunity to boast that a bull market is about to begin And then after a weekend, everyone remained silent again I don't think this matter has that much power At least it cannot be compared with the real heavyweight event encryption clear bill at all Of course, Kraken knocking on the door of bank monopoly still has its benefits But this time it can only be considered as opening a gap. one Over the past decade, the cryptocurrency industry has been choked by banks Many people think that the biggest problem with encryption is regulation. Actually, it's not. There is only one true destiny gate: The USD channel. In the past, all exchanges, stablecoins, and institutional funds entering and exiting the US dollar had to follow a very disgusting path: Cryptocurrency company → Corresponding bank → Federal Reserve Payment System in other words: The bank has always been the middleman who holds your neck. You have already seen the consequences once in 2023: Silvergate has collapsed Signature also collapsed In just a few days, the entire industry's dollar channel collapsed directly. Exchange entry and exit gold cards are dead Stablecoins are no longer anchored Institutional funding interruption At that moment, everyone realized: The encryption industry, no matter how powerful, is essentially parasitic on the banking system. two Why is Kraken's account so important Because it finally bypassed the bank. Kraken can now directly connect to: Fedwire。 This is the lowest level clearing pipeline in the US financial system. Settle tens of trillions of dollars every day: Bank liquidation Treasury bond settlement Merger and Acquisition Payment Previously, only banks were allowed to enter. Now Kraken has also come in. This means: For the first time, the cryptocurrency industry directly encountered money from central banks. three But don't get too excited too early, because this is just a 'thin account' Kraken received: Skinny Account。 To put it simply: I'll let you in, but don't expect to be a bank. No, Discount window Reserve interest Daily overdraft limit These banks haven't provided any of their most essential tools. The regulatory level is still the strictest: Tier 3。 The meaning is simple: We don't trust you, but let you try first. And now this account only serves: Institutional fund settlement. Ordinary users generally do not feel any changes. four The real key is not the account, but politics Many people would say that Kraken wins in compliance. Actually, it's not. Because there is a more typical example: Custodia Bank。 The same state The same Federal Reserve Also apply for a main account The result is: Custodia: Rejected Kraken: Approved The reason is simple: The political direction has changed. When applying for Custodia: SEC crazily sues Operation Choke Point 2.0 Washington comprehensively suppresses encryption When Kraken was approved: SEC personnel replacement Regulatory shift The White House starts shouting 'America wants to be the capital of encryption' The same set of rules. Different political environments. The result is completely different. five So what does this really mean Many people would say: The cryptocurrency industry has finally been accepted by the US financial system. But reality is actually more direct: I waited for five and a half years. In the end, all I got was: Half a ticket. You can come in. But: Permission has been revoked The strictest supervision Politics may reverse at any time To put it simply: They allow you to exist, but they are not ready to treat you as their own. Finally, to be honest. This door is indeed open. But what opens this door is not a rule. It's politics. And politics has a characteristic: I can open the door for you today. You can also close the door directly tomorrow.