President Trump signed an executive order Tuesday directing federal regulators to review whether crypto and fintech firms should be allowed direct access to Federal Reserve payment accounts — a move that thrusts the question of who gets onto the U.S. payment rails back into the spotlight.
What the order does
- It instructs federal financial regulators to examine rules, guidance, supervisory practices and application processes that may block fintechs and digital-asset firms from partnering with banks, seeking bank charters, deposit insurance, licenses or other approvals.
- It calls for removing “overly burdensome and fragmented regulations and supervisory practices that form barriers to entry and primarily benefit incumbent financial services firms,” and urges integrating digital assets and innovative technology into traditional payment systems.
- Importantly, it asks for a public review and report (a 120-day deadline), but does not force the Fed to grant master account access — preserving the Fed’s formal independence.
Why master accounts matter
Master accounts at the Federal Reserve let eligible institutions settle payments directly through the central bank rather than routing transactions through correspondent banks. Access to these accounts is effectively access to the core of U.S. payment infrastructure — a consequential prize for fintechs and crypto firms seeking smoother settlement, custody and tokenization links into traditional markets.
Industry and expert reactions
- Ari Redbord, Global Head of Policy and Government Affairs at TRM Labs, called the order “a concrete step” to push U.S. digital asset adoption and framed dominance in the space as an “American strategic interest.” He pointed to explosive sector growth, noting stablecoins reached $33 trillion in transaction volume in 2025 with a market cap above $300 billion.
- Luke Nolan, senior researcher at CoinShares, said the order pressures the Fed mainly through optics: the Fed retains final authority over master account approvals, but a public 120-day report means any denial will need a public defense. Nolan cautioned the real risk is precedent — the White House publicly weighing in on what has historically been a supervisory, risk-management decision.
- Wesley Rios of Morph observed the order formally puts Fed access on the table, but any path forward still depends on whether the Fed changes access standards and sees sufficient legal clarity for nonbank firms.
- Dan Dadybayo of Horizontal Systems noted the directive could indirectly accelerate tokenization by making it easier for tokenized assets to interact with traditional markets; platforms focused on tokenized treasuries, securities and settlement infrastructure could benefit most.
Where this fits into recent developments
- The Fed has already begun limited steps toward allowing crypto access: in March 2026 the Kansas City Fed approved a “limited purpose account” for Payward, Kraken’s parent company.
- Last year the Fed floated “skinny” master accounts for select firms — a departure from its historically restrictive posture.
- Several crypto firms have also received conditional national trust bank charters from the Office of the Comptroller of the Currency, enabling some bank-like services (federally regulated custody, staking, settlement). Those firms include Coinbase, Circle, Ripple, Paxos, the Stripe-owned Bridge and Crypto.com.
Pushback and political friction
Senator Elizabeth Warren (D‑MA) wrote to the OCC arguing those charter approvals violate the National Bank Act and pose “serious risks” to the banking system. She also urged the Comptroller to reject or review a pending application from Trump-linked DeFi firm World Liberty Financial, calling it central to “perhaps the most disgraceful Presidential corruption scandal in U.S. history.”
Bottom line
The executive order elevates master account access into a high-profile policy debate about how crypto firms should connect to core U.S. financial infrastructure. It doesn’t change the Fed’s legal authority, but by forcing public scrutiny and timelines, it shifts political pressure onto regulators and could open the door — if the Fed and other agencies relax standards and legal uncertainties are resolved — for crypto firms to move from building “outside the rails” to operating inside them.
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