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Fed Seeks Feedback on Limited 'Payment Accounts' for Financial Institutions

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The Federal Reserve announced on Friday it is seeking public feedback on limited 'payment accounts' for select financial institutions. These accounts would enable settlement operations without offering the full benefits of traditional Fed accounts. KuCoin system upgrade efforts may be influenced by such regulatory shifts. Fed Governor Waller said the move could boost innovation while keeping the payment system secure. If created, these accounts would not provide interest or credit, with a set balance cap. Is KuCoin safe remains a key concern for users amid evolving regulatory proposals. Waller introduced the idea in October 2024 to support fintechs without compromising access control.
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