Trump orders a Federal Reserve review of how crypto firms access master accounts, putting banking access and oversight back at the center of the debate.
Trump orders a Federal Reserve review of how crypto firms access master accounts, putting banking access and oversight back at the center of the debate.
President Donald Trump has signed an executive order directing the Federal Reserve to review how crypto and fintech firms access master accounts, a move that could reshape the relationship between digital asset companies and the U.S. banking system.
The executive order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” instructs federal regulators to evaluate the standards and processes governing access to the Fed’s payment infrastructure.
A White House fact sheet framed the action as an effort to integrate fintech innovation into existing regulatory structures, signaling that the administration views current access barriers as a policy problem worth addressing.
At the center of the order is the Federal Reserve’s master account system, which grants financial institutions direct access to Fed payment services, including wire transfers and automated clearinghouse transactions. Without a master account, firms must rely on intermediary banks to move money through the system.
The review targets the criteria and procedures the Fed uses when evaluating master account applications from non-traditional financial firms, including crypto companies and fintechs. This has been a friction point for years, as several digital asset firms have struggled to obtain or maintain banking relationships.
The order does not automatically grant any firm access. Instead, it asks regulators to assess whether existing access standards are applied consistently and whether they create unnecessary barriers to innovation.
Master accounts are the gateway to the Fed’s payment rails. Firms that hold them can settle transactions directly, reducing costs and eliminating dependence on third-party banks that may be reluctant to serve crypto clients.
For crypto exchanges, stablecoin issuers, and custody providers, direct Fed access could improve liquidity, speed up settlement, and reduce the compliance burden of maintaining multiple banking relationships. The lack of such access has historically forced some firms to operate through a patchwork of smaller bank partners.
The Independent Community Bankers of America responded to the order with a statement on the executive order, reflecting the banking industry’s interest in how any changes to access standards might affect competitive dynamics between traditional banks and fintech entrants.
This order follows a broader pattern from the Trump administration. The White House has previously pushed for crypto firms’ access to payment rails, and the latest directive expands that effort to the Fed’s own infrastructure.
The review itself does not change any rules. It is a procedural step that could lead to revised guidelines, new rulemaking, or simply a public report on existing practices. Outcomes remain uncertain.
However, the signal matters. Federal actions involving banking access tend to influence industry confidence, and crypto firms have watched master account policy closely because it affects exchange operations, custody services, and stablecoin reserves management.
The order arrives during a period of active regulatory development for digital assets. The administration has also been involved in crypto ETF discussions and broader SEC-related filings, suggesting a multi-front approach to crypto policy.
Near-term, the review introduces a period of uncertainty around eligibility standards. Longer-term, if the Fed loosens access criteria, it could fundamentally change how crypto firms interact with the U.S. financial system, reducing their reliance on intermediary banks and potentially lowering operational costs across the sector.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
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