Trump Orders Fed to Review Crypto Firms’ Access to Master Accounts
President Donald Trump signed an executive order requiring federal financial regulators to streamline their rules within 90 days, aiming to facilitate integration of digital asset companies into the U.S. financial system. The Federal Reserve must deliver a report within 120 days assessing its authority to grant non-bank firms, including digital asset companies, direct access to Fed payment systems. If permitted by law, the Fed must then establish transparent application procedures and make decisions within 90 days of receiving complete applications. The order seeks to eliminate regulatory barriers and promote digital asset innovation as a strategic interest for the U.S. Several crypto firms have received conditional approval for national trust bank charters, allowing services such as digital asset custody and settlement. Critics, including Senator Elizabeth Warren, warn these approvals could threaten the safety of the banking system and have raised concerns about potentially improper applications, particularly those linked to Trump. The Federal Reserve has started cautiously allowing some crypto firms limited payment system access, signaling a shift from its previously restrictive approach.
