Gate News reports that on March 27, Maxine Waters, the chief Democrat on the House Financial Services Committee, sent a letter to Jeff Schmid, the president of the Kansas City Federal Reserve Bank, requesting detailed explanations regarding the approval of a certain cryptocurrency exchange (Payward Financial) to open a “limited purpose account” and access the Federal Reserve payment system, with a written response required by April 10, 2026. In her letter, Maxine Waters requested the disclosure of specific services that the exchange can access, including FedACH, FedCash, and Fedwire securities services, while also outlining the limitations and risk management requirements of the related accounts. She inquired whether the approval was reviewed by the Federal Reserve Board or other government officials, and whether there were any external influences. She also pointed out that “limited purpose accounts” lack a clear basis in current regulations and Federal Reserve account access guidelines, potentially raising concerns regarding policy, regulation, and consumer protection.
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