Trump Orders Fed to Review Crypto Access to Master Accounts and Payment Rails

President Donald Trump signed an executive order Tuesday titled “Integrating Financial Technology Innovation Into Regulatory Frameworks,” directing the Federal Reserve and other financial regulators to review whether crypto firms and other non-bank fintechs should get broader access to the central bank’s payment infrastructure.

The order asks the Federal Reserve Board of Governors to examine how uninsured depository institutions and non-bank financial firms may be granted access to Fed payment accounts and services, including the Fedwire wholesale settlement network. It also urges the Fed to establish “transparent application procedures” and make decisions within 90 days of completed applications. The Fed is directed to submit a report to the president within 120 days.

This story is an excerpt from the Unchained Daily newsletter.

The directive covers more than just the Fed. The SEC, CFTC, and OCC are all instructed to review rules, guidance, and interpretations that may restrict partnerships between federally regulated institutions and fintech companies. Agencies have three months to identify restrictive rules and six months to take steps that support financial innovation.

The provision most directly benefits Wyoming Special Purpose Depository Institutions and similar state-chartered entities that have struggled to win Fed access. Kraken Financial, a Wyoming SPDI, won a limited Fed master account in March, becoming the first crypto firm to secure direct access to the central bank’s payment system. Ripple, Anchorage Digital, and money-transfer firm Wise are among companies pursuing similar access, according to Reuters.

The Fed had already been moving in this direction. In December, it published a proposal for a new type of “skinny” master account with restrictions similar to those imposed on Kraken’s, signaling an openness to expanding the framework. The White House had attempted a similar executive order targeting Fed master account policies over a year ago, but the effort stalled over concerns about central bank independence.

The order is the second Trump signed Tuesday. A separate directive strengthens the Bank Secrecy Act to address what the administration calls off-the-books payments facilitated by peer-to-peer platforms.