Federal Reserve Governor Christopher Waller stated on February 9, 2026, that the Fed plans to implement a slimmed-down version of a Fed master account (“skinny master account”) before the end of the year, assuming the internal process moves forward reasonably well.
The proposed skinny master account would give non-traditional financial institutions direct access to the Fed’s payment rails, but with strict limitations:
Waller acknowledged the strong division of opinion revealed in recent public comments, particularly between community banks (opposed) and crypto/DeFi industry participants (supportive).
He described the goal as finding a workable middle ground that can be finalized within 2026.
Waller also addressed the ongoing lack of progress on comprehensive crypto market structure legislation (often referred to as “Clarity” after the House version).
Key points from his remarks:
He linked part of the current crypto market volatility and uncertainty directly to the absence of this broader regulatory framework.
Many market participants had expected the legislation to pass in 2025 and provide long-awaited jurisdictional clarity between the SEC and CFT; that expectation has now been significantly delayed.
Waller directly referenced the sharp cooling in crypto sentiment:
Bitcoin reached an all-time high above $126,000 in late 2025 but has since fallen back toward the $70,000 region, a retracement of more than 45% from the peak.
Waller’s comments align with broader market observations that the post-election crypto rally has largely dissipated.
The combination of delayed legislation + cautious but progressing Fed policy work creates a mixed but not entirely negative backdrop for regulated digital asset firms in the United States.
