More crypto firms likely to get Fed master accounts and banks lack power to block approvals, TD Cowen says

TD Cowen predicts that more cryptocurrency firms will likely receive Federal Reserve master accounts, despite expected objections from traditional banks. The analysis suggests banks lack sufficient power to block these regulatory approvals, though litigation attempts are anticipated.

• →TD Cowen expects more crypto firms to obtain Fed master accounts in the future.
• →Traditional banks are likely to object to these crypto firm approvals.
• →Banks may pursue litigation to challenge crypto master account approvals.
• →TD Cowen argues that banks lack the power to successfully block such approvals.
• →This development could improve crypto firms' access to traditional banking infrastructure.