Trump Directs Fed to Review Crypto Access to US Payment Infrastructure

The Federal Reserve has been at the center of a long-standing debate over access to U.S. payment rails for crypto and fintech firms.

Recently, an executive order from President Donald Trump has brought this issue into focus once again.

The order, titled Integrating Financial Technology Innovation into Regulatory Frameworks, instructs the Fed and other financial regulators to review existing rules within three months and identify any regulations that hinder fintech firms from partnering with federally regulated institutions.

In particular, the order targets the Federal Reserve's control over master accounts, which are the gateway to payment rails like Fedwire. Master accounts have historically been reserved for licensed depository institutions, forcing crypto companies seeking direct payment access to pursue costly state or federal banking charters.

The order asks the Fed to evaluate whether its framework can be extended to non-bank fintech and crypto firms and clarify whether regional Federal Reserve banks have independent authority to approve or deny master account applications without direction from the Board of Governors in Washington.