Trump Tells Fed to Consider Fintech Access to Payment Accounts
The order gives regulators three months to review rules and six months to encourage innovation as fintech and crypto firms seek broader Fed access.
- On Tuesday, President Donald Trump signed an executive order directing the Federal Reserve to review rules stifling financial innovation, specifically exploring expanded fintech access to central bank payment rails.
- The order aims to integrate "digital assets and innovative technology into traditional financial services and payment systems," asking the Federal Reserve to review how uninsured depository institutions and non-bank firms access payment accounts.
- 12 Federal Reserve banks must consider if they can independently grant payment accounts, a provision potentially benefiting Wyoming SPDI entities; Kraken already secured access via The Federal Reserve Bank in Kansas.
- Independent Community Bankers CEO Rebecca Romero Rainey warned of "significant gaps in regulation" between banks and non-bank entities, urging policymakers to pause new policies to assess their broader economic impact.
- Within six months, Trump directed regulators to "take steps to encourage innovation as a result of the review," while a separate order tasks the Treasury Department with strengthening Bank Secrecy Act enforcement.
34 Articles
34 Articles
Ripple, Kraken Rejoice: Trump Signs Executive Order To Review Fintech Rules
President Donald Trump signed an executive order Tuesday, calling on the Federal Reserve to review rules that may be stifling financial innovation, including expanding fintech access to Fed payment rails. Trump Orders Fed To Examine Master Account Access The order asks the Fed to join other regulators in reviewing policies that could support fintech growth. It also calls on the Fed to examine its approach to granting access to payment accounts …
Trump Orders Fed to Review Crypto Access to Master Accounts and Payment Rails
President Donald Trump signed an executive order Tuesday titled “Integrating Financial Technology Innovation Into Regulatory Frameworks,” directing the Federal Reserve and other financial regulators to review whether crypto firms and other non-bank fintechs should get broader access to the central bank’s payment infrastructure. The order asks the Federal Reserve Board of Governors to examine how uninsured depository institutions and non-bank fin…
Trump Orders Federal Reserve to Review Fintech Companies’ Access to Payment Accounts
U.S. President Donald Trump signed an executive order on May 19 directing the Federal Reserve to review policies governing fintech companies’ access to payment accounts and services. In his order, Trump said the government must remove burdensome regulatory barriers to enable integration of digital assets and financial technology into “traditional financial services and payment systems.” “This order will help cement the United States as the world…
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