US Congress · Federal Reserve (FED) · White House · Donald Trump · The Block
Congress weighs risks of Fed ‘skinny accounts’ for crypto and fintech companies
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As the Federal Reserve considers granting digital-asset and fintech firms limited access to the central bank through so-called "skinny" accounts, lawmakers debated how much access, and influence, those companies should have in the U.S. payments system.
Key facts
- Bitcoin fell as low as $59,000 on Wednesday, 's BTC price data, after reaching over $100,000 a year ago
- During Wednesday's hearing, Anchorage Digital Head of Global Operations Rachel Anderika pressed for regulatory frameworks to bolster innovation
- On Wednesday, during a House Financial Services Committee hearing to discuss the changing role of banks and fintechs, particularly a new idea from the Federal Reserve that would allow certain
- Lynch cited Synapse, which filed for bankruptcy in 2024 after customers lost millions of dollars of money held on fintech platforms
Summary
On Wednesday, during a House Financial Services Committee hearing to discuss the changing role of banks and fintechs, particularly a new idea from the Federal Reserve that would allow certain crypto-focused banks to have direct access to the central bank. That raises important questions about safety and soundness, said Rep. "Access to the Federal Reserve payment system is not a small issue," Meuser said, adding, "Who should be allowed direct access to these critical payment rails? Fed Governor Christopher Waller first publicly floated the idea in October for a "skinny master account.