President Trump issued an executive order today directing the Federal Reserve to review how crypto firms access Master Accounts and to strip away what the order calls overly burdensome and fragmented regulations. The move could open the door for more digital asset companies to connect directly to the central banking system, a step the industry has long sought.
A directive to the Fed
The order specifically instructs the Federal Reserve to examine its policies around Master Accounts—the gateway for institutions to use the Fed's payment and settlement services. It also calls for removing supervisory practices and rules that the order describes as fragmented and unnecessarily restrictive for crypto businesses. The White House did not name specific regulations, but the language signals a broad push to reduce barriers.
Master Accounts and crypto
Master Accounts are a big deal for any firm that wants to move money through the U.S. banking system. Without one, crypto companies often have to partner with traditional banks, which can be costly and slow. The Fed has historically been cautious about granting these accounts to crypto firms, citing risks around money laundering and financial stability. This order pushes back on that caution directly.
Regulatory fragmentation targeted
The executive order doesn't just focus on the Fed. It also calls for a review of overlapping rules from different agencies—something crypto firms have complained about for years. The idea is to create a clearer, more unified framework. Whether that actually happens depends on how the Fed and other regulators respond. The order doesn't set a deadline for the review, but it puts the central bank on notice.
The review ahead
The Federal Reserve has not yet commented publicly. The order gives Chair Powell and the Board of Governors a wide mandate, but it doesn't force them to change any specific rules. The central bank could push back, or it could move quickly to propose new guidelines. Either way, the clock is now ticking on a process that could reshape how crypto firms interact with the heart of the U.S. payments system.
