President Donald Trump signed an executive order Wednesday to open the US banking system to crypto and fintech companies. It directs federal regulators to update rules and slash barriers within three to four months. The move aims to fast-track digital asset firms’ access to traditional financial infrastructure.
Regulator Deadlines Set
The Federal Reserve has until mid-September to study whether non-bank digital asset firms can tap into master accounts and payment services. This 120-day clock starts now. The SEC, CFTC, OCC and FDIC must wrap policy reviews within 90 days. They’ll identify roadblocks stopping fintech partnerships with regulated banks.
Warren Pushes Back
Senator Elizabeth Warren has publicly opposed the directive. She wants stricter limits on banking access for crypto companies. Her stance puts her on a collision course with the administration’s push. It’s not the first time she’s challenged crypto-friendly policies this year.
Coverage Scope
The order casts a wide net for what qualifies as fintech. It explicitly includes digital asset services, blockchain infrastructure, payment processing, custody and lending. Market stability and consumer protection remain key priorities. But the wording gives regulators flexibility to streamline entry.
Next Moves
Agencies now face a hard deadline: SEC, CFTC, OCC and FDIC reviews expire on August 19. Expect internal debates over what “barriers” get cut. Banks already partnering with crypto firms will watch closely. The Fed’s master account study runs until September 18. That timeline won’t shift without fresh presidential action.
