A Major Policy Shift for Crypto Access to US Payment Infrastructure
Donald Trump signed an executive order on May 19 directing the Federal Reserve and multiple federal agencies to review how crypto firms can access the nation’s payment infrastructure. The order tasks the Fed, SEC, CFTC, and OCC with identifying rules that restrict crypto and fintech companies from the central bank’s payment networks.
For years, crypto firms have struggled to get master accounts at Federal Reserve banks, which would give them direct access to the US payment system. Most have had to work through partner banks instead, creating extra costs and delays.
What the Executive Order Actually Says
The order directs federal regulators to evaluate current restrictions on depository institutions serving crypto firms. It specifically asks the Fed to review how access to payment services could be broadened for companies operating in the digital asset space.
Key points from the order include a review of master account access policies for crypto-friendly banks, an examination of how the Fed handles digital asset transactions, coordination between the Fed, SEC, CFTC, and OCC on crypto payment rules, and a timeline for recommendations.
Why This Matters for Crypto
Access to Fed payment rails would be transformative for crypto firms. Currently, most crypto companies rely on third-party banks to process dollar transactions, which adds friction and cost. Direct access would allow them to settle payments faster and cheaper.
The Kansas City Fed had already started moving in this direction. In March 2026, it approved a limited purpose account for Payward, the parent company of Kraken exchange. The executive order could accelerate similar approvals nationwide.
Industry Reaction
The crypto industry has responded positively, though cautiously. Several trade groups issued statements supporting the review while noting that the real test will be in implementation. Coinbase policy chief called it a step toward fair access. The Blockchain Association highlighted that the order creates a formal process for addressing what they see as discriminatory practices against crypto firms.
FAQ
Q: What does this executive order actually change? The order doesn’t change any rules on its own. It directs federal agencies to review current restrictions and recommend changes.
Q: Will this help everyday crypto users? Potentially yes. If crypto firms get direct Fed access, they could process dollar transactions faster and with fewer fees.
Q: When will the Fed respond? The order sets a timeline for agency reviews, with recommendations expected in the coming months.
