Crypto Is “Winning”? Here’s the Part of the Story Most Investors Are Missing

A Big Moment for the Crypto Industry Two developments recently caught the attention of financial markets. First, Kraken Financial, a cryptocurrency-focused bank based in Wyoming, received a limited master account from the Federal Reserve. This gives the institution some level of access to the Fed’s payment infrastructure—the same network traditional banks use to move trillions of dollars through the financial system. Second, political support appears to be growing for stablecoins, which are digital tokens typically tied to the value of government-issued currencies like the U.S. dollar. Together, these developments have led some observers to claim that crypto is finally “winning” its long battle with traditional banking. But when you take a step back, the story becomes more nuanced. Why Access…