Trump is pressuring the Fed with an executive order that sets concrete deadlines for banking regulators to open access for crypto and fintech companies to the Federal Reserve’s Master Accounts.
Master Accounts are specialized accounts that allow transactions to be settled directly through the Fedwire system without the need for traditional banking intermediaries. This measure is the most serious attempt so far to challenge the banking monopoly over the United States payments infrastructure.
The order sets three compliance windows. Within 90 days, financial institutions and regulators must review existing restrictions on banking licenses and access to deposit insurance. Within 120 days, the Fed must submit an official analysis on whether direct access can be extended to uninsured depository institutions and non-bank financial companies. By 180 days, federal agencies will be required to implement concrete measures that promote financial innovation in the sector.
Among the companies that could benefit most are Kraken—which already obtained limited access to a Master Account—along with Ripple, Anchorage Digital, and Wise, all of which have spent years pushing for access to the Fed’s payments system. The stablecoin industry would also feel the impact.
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