Coinbase submitted a formal response on February 5 to a Federal Reserve consultation, urging direct access to the Fed’s payment rails for crypto and fintech firms. The exchange argues that the current proposed limited-purpose accounts are commercially unviable without interest accrual on balances. Coinbase also criticized the proposed low overnight balance limits and advocated for oversight focused on operational risks rather than credit or liquidity risks. This push comes as the UK, EU, Brazil, and India already provide some form of central bank payment system access to non-bank entities.
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