Fed Requests Feedback on Streamlined "Master Account" Access Path for Crypto Firms

The U.S. Federal Reserve has opened a notice of inquiry and proposed rulemaking on so-called payment accounts—also referred to as "restricted master accounts"—that would let eligible fintech and crypto companies connect to the Fed's payment system for clearing and settlement, according to cryptocurrency journalist Eleanor Terrett. The move represents the next formal step in building out the payment-account framework following a public comment period that ended in February, an effort previously backed by Fed Governor Christopher Waller. The Fed also urged regional Reserve Banks to pause processing new applications for "third-tier" master account access—an area where most crypto firms are classified—until December 2026, citing the need for greater systemwide consistency as the framework is finalized.