Trump Signs Executive Order to Streamline Fintech Access to Banking Partnerships

US President Donald Trump has taken a significant step towards promoting fintech innovation by signing an executive order that directs the Federal Reserve Board to review the regulatory framework governing fintech and crypto firms' access to Fed payment systems.

The order, which was signed on Tuesday, requires the Federal Reserve Board to evaluate the legal, regulatory, and policy framework within 120 days. This review will assess any barriers that may be stifling fintech innovation or preventing access to banking partnerships and payment rails.

According to the executive order, the governors of the Federal Reserve have also been asked to explore options for expanding access to fintech and crypto firms 'to the extent permitted by law, subject to appropriate risk management requirements.'