TLDR
- President Trump signed an executive order directing the Federal Reserve to evaluate giving crypto and fintech firms direct access to its payment accounts.
- The order asks the SEC, CFTC, OCC, and FDIC to review policies that may block fintech firms from partnering with federally regulated banks within 90 days.
- Crypto companies could gain access to “master accounts,” allowing them to connect directly to core U.S. payment rails without needing an intermediary bank.
- Kraken became the first crypto firm to receive a limited-purpose master account from the Kansas City Fed in March 2026, which sparked pushback from traditional banking groups.
- Trump’s Truth Social separately withdrew SEC filings for Bitcoin, Bitcoin-Ethereum, and crypto blue chip ETFs around the same time.
President Trump signed an executive order on Tuesday directing federal regulators to review whether crypto and fintech firms should be granted direct access to the Federal Reserve’s payment system. The order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” calls on multiple agencies to examine policies that may be blocking these companies from entering the mainstream financial system.
Trump signed an executive order directing the Fed to review giving crypto firms direct access to US payment rails.
The Fed has 120 days to report back. pic.twitter.com/65iTAaYWx6
— Token Metrics (@tokenmetricsinc) May 20, 2026
The order defines fintech companies broadly. It covers businesses offering digital asset services, blockchain infrastructure, payment processing, custodial services, lending, brokerage, and securities market operations.
What the Order Asks the Fed to Do
A key part of the order focuses on the Federal Reserve. Trump directed the Fed’s Board of Governors to evaluate whether non-bank and uninsured depository institutions dealing in digital assets should be granted access to Reserve Bank payment accounts and services.
These accounts are known as “master accounts.” Having one would allow a crypto firm to connect directly to core U.S. payment rails, the backbone of dollar settlement in the country, without depending on a traditional bank as a middleman.
The order also asks the Fed to clarify whether the 12 regional Federal Reserve banks have independent legal authority to approve or deny such access. The Fed has been asked to submit a report to the president within 120 days.
The order also directs the SEC, CFTC, Office of the Comptroller of the Currency, and the FDIC to review their current practices within 90 days. Regulators are being asked to identify policies that may prevent fintech firms from partnering with federally regulated financial institutions. The administration also wants regulators to streamline application processes for bank charters and deposit insurance.
Kraken’s Master Account Sparked the Debate
The topic of crypto firms and Fed master accounts became a major issue in March 2026. The Kansas City Fed approved a limited-purpose account for Payward, the parent company of crypto exchange Kraken. The arrangement gave Kraken access to high-value dollar settlement rails, potentially speeding up deposits and withdrawals for institutional clients.
Kraken Co-CEO Arjun Sethi called it the “convergence of crypto infrastructure and sovereign financial rails.” But the approval drew criticism from traditional banking groups.
The Bank Policy Institute, which represents major U.S. banks, said it was “deeply concerned” that the decision was made before the Fed had finalized a policy framework for such accounts.
In December 2025, the Fed published a proposal for so-called “skinny” master accounts, a restricted version of a central bank account that provides payment access but excludes earning interest on reserves or borrowing from the discount window.
Congress Has Also Been Active
In April 2026, California Representatives Sam Liccardo and Young Kim introduced the Payments Access and Consumer Efficiency Act, known as PACE. The bill aims to allow certain providers access to Federal Reserve payment services and has received support from crypto industry groups, though it remains in early stages.
The executive order also has potential impact on Wyoming special purpose depository institutions, companies that specialize in digital currency and have sought Fed master account access.
One notable footnote: around the same time the executive order was signed, Trump’s Truth Social withdrew SEC filings for a Bitcoin ETF, a Bitcoin-Ethereum ETF, and a crypto blue chip ETF, a move that ran counter to the administration’s broader pro-crypto stance.
