Trump Pushes Fed to Open Payment System to Crypto Firms
Donald Trump requested that the Federal Reserve consider key changes that could open the U.S. payment system to crypto and fintech companies.
Summary:
- Trump requested a review of restrictions affecting crypto firms.
- Regulators were given specific deadlines for analysis.
- The banking sector warned about systemic risks.
Donald Trump signed an executive order on May 19, 2026, requesting that the Federal Reserve and U.S. financial regulators reconsider rules that, according to the administration, make it difficult for crypto and fintech companies to access the U.S. banking and payment infrastructure.
The executive order places primary focus on access to payment services and Federal Reserve master accounts – a mechanism that would allow non-bank companies to process payments directly through the Fed’s system without relying on traditional banks as intermediaries.
Trump instructed regulators to:
identify within 3 months the rules, guidance, and supervisory practices that they believe restrict innovation and prevent fintech firms from working with banks and other regulated institutions; and
propose concrete solutions within 6 months.
The order also calls on the Federal Reserve to analyze:
- whether existing legislation allows direct access to the payment system for crypto and non-bank companies,
- what legal obstacles exist to such a model, and
- whether regional Federal Reserve banks can independently approve or reject such applications.
The administration presents the initiative as an effort to reduce regulatory barriers and make it easier to integrate digital assets and blockchain services into the traditional financial system.
What is a master account?
A master account is a special account at the Federal Reserve that provides direct access to the U.S. payment infrastructure.
At present, most crypto and fintech companies are forced to operate through partner banks that stand between them and the payment system.
This makes them dependent on traditional banks, and such partnerships are often terminated due to regulatory pressure or concerns surrounding the crypto sector.
Direct access would allow:
- faster payments,
- lower costs,
- and reduced dependence on banking intermediaries.
Kraken has already received limited access to a similar master account, creating the first major precedent for a crypto company in the United States.
Ripple, Anchorage Digital, and Wise are also awaiting decisions on their own applications.
What Trump’s order actually does
The order does not instruct the Federal Reserve to automatically approve such accounts.
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Instead, it requires regulators to explain why access has been restricted so far and which rules create barriers for fintech and crypto companies.
This is an important distinction.
The Federal Reserve remains an independent institution, and the White House cannot directly dictate its decisions on supervisory or monetary matters.
However, the administration can place the issue under formal regulatory review and impose specific deadlines.
The order also requires a detailed report on the Federal Reserve’s authority and the existing barriers to such access.
Even if the order itself does not immediately change the rules, it creates an official regulatory framework that could later be used in court cases or future regulatory disputes.
Where the resistance comes from
The strongest resistance comes mainly from the banking sector.
The Independent Community Bankers of America (ICBA) – an organization representing regional and community banks in the United States – warned that significant regulatory and supervisory differences still exist between traditional banks and crypto companies.
The organization insists that regional Federal Reserve banks should retain the right to deny access.
Their argument is related less to competition and more to systemic risk.
According to the banking sector, the Federal Reserve must first prove that expanded access would not create risks to the stability of the financial system.
This is where the debate becomes far more difficult.
The crypto industry is pushing for more equal access to payment infrastructure, while banks warn that opening the system too quickly could create new regulatory problems.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Kosta Gushterov
Reporter at CoinsPress
Kosta has reported on cryptocurrency markets and blockchain infrastructure since 2020, bringing over six years of hands-on experience in the crypto industry built through daily tracking of markets, trends, and emerging blockchain developments. Specializing in Bitcoin on-chain analysis, institutional ETF flows, and digital asset price action, his work has been cited by other news agencies and consistently covers market developments with a focus on data-driven reporting across Bitcoin, Ethereum, Solana, and XRP. Over the years, Kosta has contributed to multiple crypto media outlets in different regions, authoring over 6,000 articles across the sector. His reporting spans cryptocurrency markets and the broader fintech industry, tracking not only price action but also the technological and regulatory forces shaping the ecosystem. To support his analysis, Kosta actively leverages on-chain data and metrics from leading platforms such as Santiment, Glassnode, and CryptoQuant, enabling deeper, evidence-based market insights. He believes in the power of transparency and the data that underpins the blockchain ecosystem. His academic background in Marketing Management from Denmark further complements his analytical approach, adding a strong understanding of communication strategy and content positioning to his work.
