Executive Order Targets Banking Restrictions
The executive order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” calls on federal agencies to remove rules considered too restrictive for fintech growth. The administration wants blockchain technology and digital assets to become part of traditional financial services.
Crypto Firms Could Get Direct Fed Access
The Federal Reserve has been instructed to evaluate whether crypto firms should receive direct access to payment systems through “master accounts.” These accounts would allow companies to connect directly to U.S. payment rails without depending on intermediary banks.
Debate Grows Over Fed Master Accounts
The issue gained attention after Kraken parent company Payward received a limited-purpose account from the Kansas City Fed earlier this year. Supporters say the move improves payment efficiency, while major banking groups argue the Federal Reserve still lacks a finalized framework for these accounts.
Federal Reserve Must Submit Report
President Trump’s order also asks the Federal Reserve to clarify whether regional reserve banks can independently approve or reject payment access requests. The Fed must submit a detailed report within 120 days, which could shape the future of crypto integration into the U.S. banking system.
