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🌐The Fed's master account list is coming, but banks still want to know more🌐
January 13, 2023
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Whether an institution has access to the Federal Reserve's payment system will soon be a matter of public information, but just how far that transparency will extend remains unclear.

Thanks toĀ a provisionĀ in last year's National Defense Authorization Act, the Fed Board of Governors must establish a searchable database of all the institutions with so-called master accounts — which serve as a single point of access for various services within the central bank — by this summer.Ā 

The legislation preempted the Fed'sĀ own effortĀ to bring more transparency to its master account stewardship. In November, the board proposed requiring the reserve system's 12 regional banks to publish lists of account holders quarterly. The master account provision, which was added to the defense spending bill by since-retired Sen. Pat Toomey, guarantees additional transparency around master accounts, but it might not be the final word on the matter.

The public still has until Tuesday, Jan. 17, to comment on the Board's proposal. And while some say the Toomey provision made necessary amendments to what the Fed was initially considering, they also say more should be done.

"I'm excited about it," Julie Hill, a law professor at the University of Alabama, said of the upcoming disclosures around master accounts, "but I hope we see a revision to the board's proposal after the comment deadline expires, and some refinement of the sorts of information that they are going to provide in the now legally required database."

Hill, whose research on financial regulation has focused on master account policy, said the Fed's database should include more identifying information about the banks that hold master accounts. The Fed has proposed listing the name of each bank and the reserve bank at which it holds an account, but Hill said that alone might not be sufficient. Given that many banks have similar names, she said, it would be prudent for the database to include each institution's American Bankers Association routing number or the city where it is headquartered.

She also noted that the Fed's proposal called for listing both master account holders as well as institutions that have corresponding relationships with master account holders. Hill said the Fed should make clear which institutions fall under each category.

"People like me would want to see the master account holder separate from those who access services through someone else's master account or correspondent relationships," she said. "If they lump all those together, the database might be less useful."

The Fed declined to comment for this article.

The question of which entities should have access to master accounts and on what grounds has beenĀ top of mindĀ for the Fed, the banking industry and regulatory watchersĀ in recent years, with the rise of technology-based payment processors and state-chartered banks that deal with crypto assets.Ā 

The Toomey provision included two key adjustments from the Fed proposal, Hill said. First, it specifies that the Fed should disclose "every entity" with a master account, as opposed to just depositories, as the board proposed. It also notes the Fed must disclose groups that have applied for master accounts, something the board asked about but did not include in its formal proposal.

Some banks would like the central bank to provide more information about applicants. In April, when responding to a request for comment on the Fed's proposed three-tiered structure for evaluating applicants, the Bank Policy Institute urged the board to open master account applications up to public comment, as it does for regulatory matters, such as mergers.Ā 

BPI's April letter also urges the Fed to require third-party assessments of applicant risks to be made public along with the board's decisions about applicants.

Paige Pidano Paridon, BPI senior vice president and associate general counsel, said if the board's master account disclosures are limited to what is mandated by the Toomey provision, it would be a step in the right direction, but also a missed opportunity.

"Knowing an entity is applying is certainly better than not knowing. The public and other interested parties could raise concerns, should they exist, with respect to an application, but there's not a regulatory hook whereby the Fed would have to consider those comments," Pidano Paridon said. "It's a good step, but we'd like to see more."

Paul Merski, the executive vice president of congressional relations and strategy for the Independent Community Bankers of America, said having a database of master account holders and applicants is critical for the Fed to maintain accountability as more financial technology companies and banks with novel charters seek access to the Fed's payment system.

Merski said his primary concern is that entities with unproven and underregulated business models would pose a "contagion" risk to the financial system, should they be granted access to the Fed's payment systems.Ā 

"At a minimum, there should be full disclosure of who's applying for these accounts and what their regulatory regime would be," he said.

For the fintech industry, having transparency around which entities have master accounts not only provides insight into what it might take for an aspiring account holder to get access, but also a single point of reference for seeking out new partnerships, said Penny Lee, president and CEO of the Financial Technology Association.

"FTA supports increased transparency and continues to encourage greater access to Federal Reserve accounts and services for leading payments companies," she said. "Nonbank access to the federal payments infrastructure would substantially lower costs for consumers, drive competition and increase innovation."

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

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The significance of this collaboration cannot be overstated. By bringing official statistics on-chain, the U.S. government is embracing cryptographic verifiability and immutable publication, setting a new precedent for how governments interact with decentralized technology. This initiative aligns with broader transparency goals and is supported by Secretary of Commerce Howard Lutnick, positioning the U.S. as a world leader in finance and blockchain innovation. The decision by a federal entity to trust decentralized oracles with sensitive economic data underscores the growing institutional confidence in these networks.

This is the cycle of the great onboarding. The distinction between "Web2" and "Web3" is rapidly becoming obsolete. When government data, institutional flows, and grassroots builders all operate on the same decentralized rails, we are simply talking about the internet—a new iteration, yes, but the internet nonetheless: an immutable internet where data is not only published but also verified and distributed in real-time.

Pyth Network stands as tangible proof that this technology serves a vital purpose. It demonstrates that the industry has moved beyond abstract "crypto tech" to offering solutions that address real-world needs and are now actively sought after and understood by traditional entities. Most importantly, it proves that Web3 is no longer seeking permission; it has received the highest validation a system can receive—the trust of governments and markets alike.

This is not merely a fleeting trend; it's a crowning moment in global adoption. The U.S. government has just validated what many in the Web3 space have been building towards for years: that Web3 is not a sideshow, but a foundational layer for the future. The current cycle will be remembered as the moment the world definitively crossed this threshold, marking the last great opportunity to truly say, "we were early."

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

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The data includes Real GDP and the PCE Price Index,Ā which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data šŸ‘‰will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain areĀ Eternl,Ā Typhon,Ā Vespr,Ā Yoroi,Ā Lace,Ā ADAlite,Ā NuFi,Ā Daedalus,Ā Gero,Ā LodeWallet,Ā Coin Wallet,Ā ADAWallet,Ā Atomic,Ā Gem Wallet,Ā TrustĀ andĀ Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention toĀ Non-CustodialĀ andĀ CompatibilityĀ fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

Source

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XLM: GDMJF2OCHN3NNNX4T4F6POPBTXK23GTNSNQWUMIVKESTHMQM7XDYAIZT
XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

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