Trump Orders 120-Day Review of Crypto, Fintech Access to Fed Master Accounts

President Trump signed an executive order Tuesday directing federal financial regulators to review whether crypto and fintech firms should be able to obtain direct access to Federal Reserve payment accounts, putting the fight over who can plug into the U.S. payments system back at center stage. The order tells agencies to scrutinize rules, guidance, supervisory practices and application processes that may hinder fintechs and digital-asset companies from partnering with banks, pursuing bank charters, deposit insurance, licenses or other approvals. It also calls for rolling back what it describes as "overly burdensome and fragmented" requirements that act as barriers to entry and largely favor incumbent financial institutions, while encouraging the integration of digital assets and new technology into traditional payment rails. The directive sets a 120-day deadline for a public review and report, but it does not compel the Federal Reserve to grant master accounts, leaving the central bank's formal authority intact. Why master accounts matter Master accounts at the Federal Reserve allow eligible institutions to settle payments directly through the central bank instead of routing transactions via correspondent banks. For fintechs and crypto firms, access is effectively a gateway into core U.S. payments infrastructure, with implications for settlement efficiency, custody, and tokenization links to traditional markets. Industry and expert reactions Ari Redbord, Global Head of Policy and Government Affairs at TRM Labs, called the order "a concrete step" toward broader U.S. digital-asset adoption and framed leadership in the sector as an "American strategic interest." He pointed to rapid growth, citing stablecoins reaching $33 trillion in transaction volume in 2025 and a market capitalization above $300 billion. Luke Nolan, a senior researcher at CoinShares, said the order increases pressure on the Fed largely through optics: while the Fed retains final authority over approvals, a public 120-day report could force regulators to publicly justify any denial. Nolan warned about the precedent of the White House weighing in on what has historically been a supervisory and risk-management decision. Wesley Rios of Morph said the order formally puts Fed access on the table, but any pathway still depends on whether the Fed revises its access standards and whether there is sufficient legal clarity for nonbank firms. Dan Dadybayo of Horizontal Systems said the directive could indirectly accelerate tokenization by making it easier for tokenized assets to interface with traditional markets, potentially benefiting platforms focused on tokenized Treasuries, securities and settlement infrastructure. Recent context The Fed has already taken limited steps in this direction. In March 2026, the Kansas City Fed approved a "limited purpose account" for Payward, Kraken's parent company. The Fed also floated the idea of "skinny" master accounts for select firms last year, a shift from its historically restrictive approach. Separately, several crypto firms have received conditional national trust bank charters from the Office of the Comptroller of the Currency, enabling certain bank-like services such as federally regulated custody, staking and settlement. Those firms include Coinbase, Circle, Ripple, Paxos, the Stripe-owned Bridge and Crypto.com. Political pushback Senator Elizabeth Warren (D-MA) wrote to the OCC arguing that those charter approvals violate the National Bank Act and create "serious risks" to the banking system. She also urged the Comptroller to reject or review a pending application from Trump-linked DeFi firm World Liberty Financial, calling it central to "perhaps the most disgraceful Presidential corruption scandal in U.S. history." Bottom line The executive order elevates Fed master account access into a high-profile policy debate over how crypto firms should connect to the core of U.S. financial infrastructure. It does not alter the Fed's legal authority, but the public timeline and reporting requirement increase scrutiny and political pressure. If regulators relax standards and legal uncertainties are resolved, the move could help shift crypto firms from building outside the payment rails to operating within them.