Banking trade groups have expressed opposition to the Kansas City Federal Reserve's decision to approve a master account for cryptocurrency exchange Kraken. The Bank Policy Institute criticized the Fed for allegedly bypassing the Board's public comment period, claiming it violated policy by not seeking public input on significant changes to the payments system. Additionally, the Independent Community Bankers of America (ICBA) voiced concerns, arguing that granting nonbank entities and crypto institutions access to master accounts, traditionally reserved for highly regulated insured depository institutions, could pose risks to the banking system.