Trump Orders Federal Reserve Review Of Crypto Access To US Payment Rails

President Donald Trump has signed an executive order directing U.S. financial regulators and the Federal Reserve to review long-standing restrictions that limit cryptocurrency and fintech firms’ access to core U.S. payment systems, including Federal Reserve settlement infrastructure.

The order instructs federal agencies to complete an initial review of existing regulations within three months and take action within six months based on their findings, according to reporting from Bitcoin Magazine.

The directive focuses on how access to the U.S. payment system is structured for non-bank financial firms, including crypto platforms and fintech companies that typically operate through regulated banking partners rather than direct access to central bank infrastructure. CoinDesk reported that the review includes whether current rules should be adjusted to allow broader participation by non-bank entities.

The Federal Reserve’s master account framework is part of the scope of the review. Master accounts allow institutions to hold funds directly with the central bank and access Federal Reserve payment systems, including Fedwire, but are generally limited to insured depository institutions under existing policy structures.

The order directs regulators to evaluate whether the current eligibility framework should be revised to include non-bank fintech and crypto firms, as well as whether regional Federal Reserve Banks have independent authority to approve or deny applications without direction from the Board of Governors, the Bicoin Magazine report said.

These questions have been part of ongoing policy discussions within the Federal Reserve system as regulators weigh how to handle increasing demand from digital asset firms for direct payment access.

The issue has gained attention following limited approvals granted to crypto-linked firms seeking access to Federal Reserve payment infrastructure. In March, the Kansas City Federal Reserve granted a limited-purpose account to Payward, the parent company of crypto exchange Kraken, marking one of the first instances of direct access extended to a crypto-related entity, according to Yahoo Finance.

That approval drew attention from banking industry groups concerned about consistency in how master account applications are reviewed across different Federal Reserve districts.

Traditional banking organizations have previously raised concerns about uneven standards and the potential for inconsistent decision-making across the Federal Reserve system, a Reuters report said.

Industry groups have responded to the broader policy debate over payment system access and regulatory alignment between banks and non-bank firms.

The Bank Policy Institute, which represents major U.S. banks, has raised concerns about variability in master account approvals and regulatory timing across Federal Reserve institutions. Community banking organizations have also called for a broader review of related policy areas, including stablecoin oversight and trust banking charters, to ensure consistent treatment across financial institutions.

Parts of the banking sector argue that payment access rules and related regulatory frameworks should be applied consistently across similar financial activities.

The Federal Reserve has previously explored more limited forms of access to its payment infrastructure for non-bank entities, including proposals for restricted account structures sometimes referred to as “skinny” master accounts. These would allow access to payment systems while limiting additional central banking services such as interest on reserves or borrowing facilities. The discussions remain ongoing and have not resulted in a finalized framework for broader non-bank access.

The executive order places a fixed timeline on federal agencies to deliver findings within 120 days, consolidating a regulatory process that has developed over several years into a defined review period. Reuters confirmed that the directive includes coordination between the Federal Reserve and other federal financial regulators in assessing current rules governing payment system access.

The review covers both policy interpretation and institutional authority within the Federal Reserve system, including how decisions on access to payment infrastructure are made across regional and central governance structures.