Last updated on May 28th, 2026 at 04:55 am
Crypto journalist Eleanor Terrett has pushed back against growing claims that President Donald Trump’s latest executive order gives crypto exchanges direct access to Federal Reserve master accounts.
The clarification followed a wave of reactions across X after Trump signed the executive order titled “Integrating Financial Technology Innovation into Regulatory Frameworks” on May 19. Many crypto users interpreted the move as a breakthrough that would immediately allow exchanges and digital asset firms to plug directly into the U.S. banking system.
Cute technicality, but missing the point.
Trump’s EO directs Fed to tear down barriers for crypto/non-banks to master accounts, review regional approval power, and move applications in 90 days. Kraken precedent + White House pressure = real shift.
— BUZZ NEWS (@actofage28) May 21, 2026
Terrett, however, said those claims overstated what the order actually does.
Terrett says no direct fed access for exchanges
“The EO does not give crypto exchanges direct access to Fed master accounts,” Terrett wrote on X, adding that firms would still need an affiliate that qualifies as an eligible depository institution under the Federal Reserve Act.
Her comments quickly became central to the discussion around the executive order, which many in the crypto market initially viewed as a direct green light for exchanges seeking Federal Reserve banking access.
The clarification reduced speculation that the policy represented an immediate overhaul of banking rules for crypto firms.
What Trump’s executive order actually changes
Rather than granting direct access, the executive order instructs federal regulators, including the Federal Reserve, to review regulations and processes that may limit fintech and crypto innovation.
The Fed has specifically been asked to examine its legal authority regarding payment accounts and services for uninsured depository institutions and non-bank financial companies.
The review will also cover possible regulatory or legislative changes, risk management standards, and approval processes used by regional Reserve Banks and the Federal Reserve Board.
The move signals that the administration wants regulators to reconsider how crypto and fintech firms interact with the U.S. payment system. However, any changes would still require further review and implementation.
Crypto industry still sees opportunity
Despite the clarification, the crypto industry largely viewed the order as a positive development. Supporters believe the review could eventually reduce banking barriers that have long affected digital asset companies and stablecoin issuers.
The order follows earlier crypto-friendly actions from the administration, including support for a Strategic Bitcoin Reserve and broader digital asset policy reforms.
The order also arrives after crypto exchange Kraken secured limited Federal Reserve payment access through its Wyoming-based SPDI structure earlier this year.
For now, the executive order represents the beginning of a regulatory review process rather than immediate access to Federal Reserve infrastructure for crypto exchanges.
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