President Donald Trump signed an executive order on May 19 directing federal financial regulators to review whether crypto companies can plug into the US dollar payment system. The order gives agencies 90 days to identify rules that block fintech and crypto firms from partnering with banks, credit unions, and investment advisers — and asks the Federal Reserve Board to examine who gets to use its payment accounts. For firms like Ripple that have long wanted a direct line to dollar settlement, this could be the break they've been waiting for.
What the order actually demands
The executive order isn't a blanket invitation. It requires the heads of federal financial regulators to review existing laws and pinpoint provisions that prevent crypto companies from getting national bank charters, insurance, or other federal authorizations. Separately, Trump asked the Fed to study who can access government payment accounts and services — with a full report due in 120 days covering the Fed's legal authority to grant access and the risks involved.
The Fed's current rules limit direct access to Reserve Bank payment accounts to depository institutions like traditional banks. That's pushed crypto firms toward national trust bank charters as a workaround.
The access problem digital asset firms face
Ripple has positioned XRP as a tool for fast, low-cost cross-border payments aimed at banks and financial institutions. But it's faced a brick wall when it comes to the Federal Reserve's payment infrastructure. Under today's rules, Ripple can't directly tap the Fed's clearing system — a major hurdle for any company trying to settle dollar transactions in real time.
Kraken recently managed to get a Fed master account, a rare win for a crypto firm. Ripple itself received conditional approval for a national bank charter from the Office of the Comptroller of the Currency. Still, neither breakthrough gave the industry the broad access it's after.
What a Fed door opening would mean
If the Fed's review leads to direct access for digital asset firms, Ripple could connect its technology into the US dollar payment system. That would let XRP serve as a bridge asset for real-time dollar settlements — potentially driving greater demand for the token. The order doesn't guarantee that outcome, but it sets a concrete process in motion. The Fed has 120 days to report back. The clock starts now.
