President Donald Trump signed an executive order on May 19 directing the Federal Reserve to examine policies on granting payment account access to crypto and fintech firms. The move escalates debate over direct connections to the central bank's core dollar payment systems. Companies such as Kraken, Ripple, Coinbase, and Circle stand to benefit from potential changes.
The order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” asks the Fed to evaluate whether existing law allows broader access for non-bank financial companies. It also directs a review of whether the 12 regional Federal Reserve banks can independently approve or deny applications for such accounts.
