TD Cowen says Kraken's Federal Reserve master account approval is the first of many expected under the Trump administration, as crypto firms gain direct access to core US payment infrastructure despite fierce opposition from traditional banks. > Bank Policy Institute are pushing back and litigation is expected, but TD Cowen argues they ultimately lack the power to block approvals. > Approved accounts are limited in scope, no credit facilities, no interest on reserves, but still represent a structural shift in how crypto firms access US financial infrastructure. > Other crypto firms may need to wait for the Fed to finalize its "skinny master account" framework before their applications advance.