fintech / news / / CryptoSlate
President Donald Trump signed an executive order directing the Fed to evaluate its policies on granting payment-account access to non-bank financial companies.
Trump's executive order directs the Fed to review granting payment-account access to crypto and fintech firms.
KEY POINTS
- Kraken's limited-purpose Fed account approval in March sets a precedent for restricted access by digital asset companies.
- The order asks if the 12 regional Federal Reserve banks can independently approve or deny master account applications.
- Restricted accounts could allow access to payment rails without granting privileges like reserve interest or Fed credit.
- Ripple, Coinbase, Circle, and Anchorage are positioned to benefit if the Fed framework is broadened.
COMPANIES
Summarized by Newsio from CryptoSlate. How we summarize →