Donald Trump Gives the Fed 120 Days to Open Payment Access to Crypto Firms

President Donald Trump signed an executive order on May 19 directing federal financial regulators to streamline rules for fintech firms and asking the Federal Reserve to weigh broader payment system access for crypto companies and other non-bank players.

The order frames overly burdensome regulation as a barrier that benefits incumbent banks at the expense of newer entrants, and sets 90-day and 180-day deadlines for regulators to identify and act on changes.

Streamlining Federal Rules for Fintech Firms

Six federal financial regulators must conduct the review. These include the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), and the Consumer Financial Protection Bureau. The FDIC, the OCC, and the National Credit Union Administration round out the list.

Each agency must review existing regulations, guidance, supervisory practices, and application processes that limit fintech entry. Reviews must specifically address barriers to bank charters, credit union charters, and deposit insurance for eligible fintech firms.

Agency heads have 180 days to act on the findings, in coordination with the White House Assistant for Economic Policy. The order frames safety, soundness, consumer protection, and market integrity as guardrails.

Federal Reserve Payment Account Review

The order asks the Federal Reserve Board to complete a parallel review within 120 days. The evaluation covers whether uninsured depositories and non-bank firms, including crypto companies, can access Reserve Bank payment services.

It also asks whether individual Federal Reserve Banks can act independently on such applications. That question echoes earlier disputes over master account access for crypto-focused banks like Custodia.

Where existing law allows expanded access, the order asks the Fed to publish transparent application procedures. Complete applications must then receive a decision within 90 days.

Industry Reaction

Custodia Bank founder Caitlin Long welcomed the directive. She has long argued that the Federal Reserve has blocked legally-eligible institutions from the US payment system. Custodia lost a 2023 court fight to win master account approval. The Trump administration has also pushed earlier orders targeting crypto debanking.

The directive lands as crypto firms continue to push for federal payment system access. Kraken became the first crypto firm to plug directly into the Fed earlier this year. Ripple and others remain in the application pipeline. The coming 90 to 180 days will show how quickly regulators translate the order into concrete rule changes.

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