Executive Order · Donald Trump · Federal Reserve (FED) · Decrypt
U.S. President Donald Trump signed an executive order Tuesday directing regulators to study whether crypto and fintech firms
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The order asks federal financial regulators to review rules, guidance, supervisory practices, and application processes that may limit fintech firms’ ability to partner with regulated institutions or seek bank charters, deposit insurance, licenses, and other approvals.
Key facts
- The Federal Reserve has already begun granting limited access to crypto firms, with the Kansas City Fed approving a "limited purpose account" for Payward, the parent company of crypto exchange
- Ari Redbord, Global Head of Policy and Government Affairs at blockchain analytics firm TRM Labs, called the order a “concrete step” towards putting the U.S. at the forefront of digital asset adoption
- In a letter to the OCC yesterday, Senator Elizabeth Warren (D-MA) argued that the approvals violated the National Bank Act and pose "serious risks" to the safety of the U.S. banking system
- U.S. President Donald Trump signed an executive order Tuesday directing regulators to study whether crypto and fintech firms should get direct access to Federal Reserve payment accounts, placing
Summary
U.S. President Donald J. Federal regulators have 90 days to identify regulations that impede fintech partnerships with federally regulated institutions, followed by 180 days to encourage innovation based on findings. The Federal Reserve must evaluate within 120 days whether it has legal authority to grant non-bank financial companies, including digital asset firms, direct access to Federal Reserve payment accounts. President Donald Trump signed an executive order Tuesday directing regulators to study whether crypto and fintech firms should get direct access to Federal Reserve payment accounts, placing renewed pressure on the central bank’s control over who can connect to the U.S. payment system.