Trump Orders Fed Review of Crypto Firms’ Access to Payment Systems

Federal Reserve master accounts allow eligible institutions to access core payment services such as Fedwire and FedACH directly, without clearing through correspondent banks. Crypto and fintech companies have largely struggled to obtain such access because they lack bank status. Any change to the eligibility threshold could affect payment costs and market competition, as well as risks related to anti-money laundering and financial stability.

Trump signed Executive Order 14405 on May 19, 2026, directing federal financial regulators to review their rules within 90 days and take action within 180 days. The order also asks the Federal Reserve to assess direct access for nonbanks and digital-asset companies within 120 days. Where permitted by existing law, the Fed must establish a transparent process and issue a decision within 90 days of receiving a complete application.