President Donald Trump has directed the Federal Reserve to review its policies on granting fintech and crypto firms access to the U.S. central banking payment system.
White House targets barriers around Fed payment access
The executive order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” calls on federal agencies to identify and remove rules that may limit financial innovation.
The order specifically asks the Federal Reserve to examine whether its current framework unfairly restricts access to payment accounts and services for non-bank financial technology companies, including digital asset and blockchain firms.
It also requests clarification on whether individual Federal Reserve banks have independent authority to approve or deny access applications.
Crypto firms push for direct access to Fed payment rails
At the center of the discussion are so-called “master accounts,” which allow institutions to connect directly to core Federal Reserve payment systems.
Currently, most crypto firms rely on intermediary banks to access traditional payment infrastructure. Direct access could allow some companies to settle transactions more efficiently without depending on third-party banking partners.
The executive order asks the Federal Reserve to explore whether broader access could be extended to qualified fintech and crypto companies under existing law.
The move follows growing pressure from parts of the crypto industry, where firms argue that direct access to payment rails could improve stablecoin settlement, reduce banking friction, and support blockchain-based financial services.
Regulatory debate around fintech banking access grows
The order comes as lawmakers and regulators continue debating how digital asset companies should interact with the traditional banking system.
Last month, Representatives Sam Liccardo and Young Kim introduced the PACE Act, a proposal aimed at expanding access to Federal Reserve payment services for certain financial providers.
The Federal Reserve has also been reviewing proposals around restricted “skinny” master accounts, which would provide payment access without broader central bank privileges.
Trump’s order requires the Fed to submit a report within 120 days, potentially setting up a major policy debate around how crypto firms connect to the U.S. financial system.
Meanwhile, Trump is reportedly considering a large wave of pardons tied to America’s 250th Independence Day celebrations, with several high-profile crypto figures hoping to be included.
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