Trump Orders Review of Barriers to Fed System Access for Fintech and Crypto Firms

Federal Reserve master accounts give financial institutions direct access to clearing and settlement services including Fedwire and FedNow. Nonbank fintech and crypto companies generally must qualify as eligible depository institutions or rely on partner banks. The scope of access could affect payment costs, speed and competition, while also raising money-laundering and financial-stability risks.

Trump signed an executive order on May 19, 2026, directing the Federal Reserve to assess the legal basis, barriers and options for expanding access within 120 days. On May 20, the Fed proposed a new type of “payment account” with an end-of-day balance cap of $1 billion and applications generally decided within 90 days. The accounts would not offer intraday credit, access to the discount window or interest on deposits. The comment period will run for 60 days after publication in the Federal Register.