Trump Pushes Fed to Reconsider Crypto Firms’ Access to U.S. Payment Rails
President Donald Trump has signed a new executive order directing U.S. financial regulators to examine whether cryptocurrency and fintech companies should receive greater access to the Federal Reserve’s payment infrastructure, signaling a major policy shift aimed at integrating digital assets more deeply into the traditional banking system.
The order, signed Tuesday, instructs federal agencies to evaluate existing regulations, supervisory standards, licensing procedures, and approval frameworks that may prevent fintech firms and crypto businesses from partnering with banks or securing access to critical financial services. The review also covers bank charters, deposit insurance, and other regulatory approvals that digital asset firms have struggled to obtain.
According to the directive, the administration wants to modernize outdated financial rules that it believes limit innovation and protect established banking institutions from competition. Trump stated that the U.S. must create a regulatory environment capable of supporting digital assets and emerging financial technologies within mainstream payment systems.
A central issue raised by the order is whether nontraditional financial firms should gain direct or indirect access to Federal Reserve master accounts. These accounts allow eligible institutions to settle transactions directly through the central bank instead of relying on intermediary banks.
Industry observers say the move increases public pressure on the Federal Reserve, even though the order does not legally force the central bank to approve access requests. Analysts noted that the Fed still retains final authority over payment account approvals, but the White House’s involvement places additional scrutiny on future denials.
Some policy experts argue the initiative is more symbolic than transformative unless the Fed revises its own risk standards. However, the order could still reshape the conversation around how crypto companies connect to core U.S. financial infrastructure by compelling regulators to publicly justify restrictive policies.
The executive order specifically asks regulators to assess whether uninsured depository institutions and digital asset firms should qualify for Reserve Bank payment services. Supporters of the move believe it could eventually streamline connections between blockchain-based financial platforms and traditional banking networks.
The potential impact could extend beyond payments. Analysts say easier access to financial infrastructure may accelerate the adoption of tokenized assets, including tokenized treasuries, securities, and settlement systems, by allowing crypto-native platforms to interact more efficiently with conventional markets.
The Federal Reserve has already shown signs of cautiously opening the door to crypto firms. Earlier this year, the Kansas City Fed granted a limited-purpose account to Payward, the parent company of crypto exchange Kraken, following earlier discussions around specialized “skinny” master accounts for select firms.
Several major crypto companies, including Coinbase, Circle, Ripple, Paxos, Crypto.com, and Bridge, which is owned by Stripe, have also received conditional approval for national trust bank charters through the Office of the Comptroller of the Currency.
The approvals have faced political criticism. Senator Elizabeth Warren recently argued that expanding banking privileges for crypto firms could introduce new risks to the U.S. financial system and challenged the legality of several approvals under existing banking laws.
Meanwhile, Trump-affiliated decentralized finance project World Liberty Financial is reportedly awaiting a regulatory decision on its own banking-related application, adding another layer of political attention to the broader debate over crypto’s role in the U.S. financial sector.