- Trump ordered the Fed to review crypto firms access to Reserve Bank payment accounts.
- Agencies must identify rules blocking fintech growth within three months of signing.
- Ripple, Kraken, and Anchorage Digital stand to benefit most from expanded Fed access.
President Donald Trump signed an executive order directing federal financial regulators to review and update regulations that currently block fintech companies and crypto firms from accessing core US financial infrastructure.
The order is the most direct move yet by the Trump administration to integrate digital assets and financial technology into the traditional banking system, and the crypto industry is treating it as a significant step toward mainstream financial integration.
The Federal Reserve Question That Changes Everything
The most consequential part of the order for the crypto industry is the direct instruction to the Federal Reserve. Trump has asked the Fed to evaluate whether crypto firms and non-bank financial companies can gain access to Reserve Bank payment accounts and services, the same master accounts that allow traditional banks to move money through systems like Fedwire.
Specifically, the Fed has been asked to report on:
- It’s legal authority to extend payment account access to non-bank fintechs and uninsured depositories
- Options for expanding that access with appropriate risk management requirements
- Legal barriers currently prevent direct access and potential legislative or regulatory fixes
- Existing policies at both the Reserve Bank and Federal Reserve Board levels governing account access
For companies like Ripple, Kraken, and Anchorage Digital that have been pushing for deeper integration with US financial infrastructure, this review represents the clearest federal signal yet that direct Fed access is being seriously considered.
The Broader Regulatory Cleanup
Beyond the Fed review, the order gives federal financial regulators clear instructions and timelines to modernize their frameworks:
- Agencies must identify rules blocking fintech growth and innovation within three months
- They must begin simplifying regulations and lowering entry barriers within six months
- All reviews must consider how to update regulations built for brick-and-mortar banking for the digital age
The order specifically calls out that current rules governing payment services and third-party risk management favor incumbent banks at the expense of newer entrants, a dynamic the administration says it intends to disrupt.
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