Trump signs order on crypto firms’ access to payment infrastructure.
On May 19, U.S. President Donald Trump signed an order to integrate digital assets into the traditional financial system and review the rules governing crypto companies’ access to payment infrastructure.
Within 90 days, heads of federal financial regulators are tasked with analyzing current regulations to identify those that hinder companies from obtaining banking licenses and deposit insurance. Measures to support innovation are to be implemented within 180 days following the review.
A separate section of the order addresses the Federal Reserve System (Fed). The White House has instructed the agency to assess, within 120 days, the feasibility of providing direct access to payment accounts and services of reserve banks for “uninsured depository institutions and non-bank financial companies.”
The Fed’s report should address the following questions:
- Does current legislation allow for expanded access?
- What legal barriers exist?
- Can the 12 regional reserve banks independently decide on issuing master accounts?
If the Fed confirms the legality of such access, the regulator is advised to implement a transparent application review process with a decision timeframe of up to 90 days.
This initiative is particularly significant for Wyoming’s special depository institutions. Earlier this year, the Federal Reserve Bank of Kansas City granted the exchange Kraken access to a limited version of a master account.
Reuters reported that in March, the platform’s banking division gained access to the Fed’s payment system through a dedicated account. According to the agency, Ripple, Anchorage Digital, and Wise are seeking similar permissions.
The Fed plans to introduce a simplified format for master accounts. In December 2025, the agency published a draft that would allow certain companies to access the banking system through a “lightweight” account.
The Independent Community Bankers of America responded to Trump’s initiative. The organization’s head, Rebeca Romero Rainey, stated there are “significant regulatory gaps” between banks and non-bank entities.
She emphasized that reserve financial institutions should retain the right to deny access to issuers of stablecoins and crypto companies to ensure system stability.
Earlier in May, the U.S. Senate Banking Committee approved the CLARITY Act with a vote of 15 to 9. The document provides for comprehensive federal-level regulation of the crypto market.
On May 15, Bitcoin advocate Kevin Warsh took over the Fed, replacing Jerome Powell. He will serve a four-year term.
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