Trump Aims to Provide Crypto Firms with Direct Access to America’s Banking System – Here’s the Method

TLDR

• President Trump issued an executive order instructing the Federal Reserve to assess granting crypto and fintech companies direct access to its payment accounts.
• The order requires the SEC, CFTC, OCC, and FDIC to examine policies that could prevent fintech firms from collaborating with federally regulated banks over a 90-day period.
• Crypto firms might gain access to “master accounts,” enabling them to link directly to the U.S.’s core payment systems without relying on an intermediary bank.
• In March 2026, Kraken became the first crypto company to obtain a limited-purpose master account from the Kansas City Fed, a move that drew opposition from traditional banking organizations.
• Around the same time, Trump’s Truth Social independently pulled its SEC filings for Bitcoin, Bitcoin-Ethereum, and crypto blue chip ETFs.

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(SeaPRwire) –   On Tuesday, President Trump signed an executive order that tells federal regulators to look into whether crypto and fintech firms should be allowed direct access to the Federal Reserve’s payment system. Named “Integrating Financial Technology Innovation into Regulatory Frameworks,” the order urges several agencies to investigate policies that might be keeping these companies out of the mainstream financial system.

Trump signed an executive order directing the Fed to review giving crypto firms direct access to US payment rails.

The Fed has 120 days to report back. pic.twitter.com/65iTAaYWx6

— Token Metrics (@tokenmetricsinc) May 20, 2026

The order has a wide definition of fintech companies. It includes businesses that provide digital asset services, blockchain infrastructure, payment processing, custodial services, lending, brokerage, and securities market operations.

What the Order Asks the Fed to Do

A central component of the order targets the Federal Reserve. Trump instructed the Fed’s Board of Governors to assess if non-bank and uninsured depository institutions that handle digital assets should be given access to Reserve Bank payment accounts and services.

These accounts are referred to as “master accounts.” Possessing one would let a crypto firm connect directly to the U.S.’s core payment rails— the foundation of dollar settlement in the nation— without needing a traditional bank as an intermediary.

Additionally, the order requests the Fed to clarify if the 12 regional Federal Reserve banks have independent legal power to approve or reject this type of access. The Fed must submit a report to the president within 120 days.

The order further directs the SEC, CFTC, Office of the Comptroller of the Currency, and FDIC to review their existing practices over 90 days. Regulators are tasked with identifying policies that could stop fintech firms from partnering with federally regulated financial institutions. The administration also wants regulators to simplify application procedures for bank charters and deposit insurance.

Kraken’s Master Account Sparked the Debate

The issue of crypto firms and Fed master accounts became a significant topic in March 2026. The Kansas City Fed granted a limited-purpose account to Payward, the parent company of crypto exchange Kraken. This setup allowed Kraken to access high-value dollar settlement systems, which could speed up deposits and withdrawals for its institutional clients.

Kraken Co-CEO Arjun Sethi described it as the “convergence of crypto infrastructure and sovereign financial rails.” However, the approval faced criticism from traditional banking groups.

The Bank Policy Institute— which represents major U.S. banks— stated it was “deeply concerned” that the decision was made prior to the Fed completing a policy framework for these types of accounts.

In December 2025, the Fed released a proposal for what’s called “skinny” master accounts— a limited version of a central bank account that offers payment access but does not allow earning interest on reserves or borrowing from the discount window.

Congress Has Also Been Active

In April 2026, California Representatives Sam Liccardo and Young Kim introduced the Payments Access and Consumer Efficiency Act (PACE). The bill seeks to let specific providers access Federal Reserve payment services and has gotten backing from crypto industry groups, though it’s still in the early phases.

The executive order could also affect Wyoming special purpose depository institutions— companies that focus on digital currency and have applied for Fed master account access.

A notable side note: around the time the executive order was signed, Trump’s Truth Social pulled its SEC filings for a Bitcoin ETF, a Bitcoin-Ethereum ETF, and a crypto blue chip ETF— a move that went against the administration’s more general pro-crypto position.