Trump Executive Order Pushes Fed to Reassess Fintech and Crypto Access to Payment Rails

Donald Trump has signed an executive order directing U.S. financial regulators and the Federal Reserve to review existing rules that may be limiting financial innovation, with a particular focus on whether fintech and other non-bank firms should have broader access to core payment infrastructure.

The order instructs regulators to reassess frameworks that govern participation in the financial system’s settlement layers, including whether current restrictions are slowing the development and scaling of digital financial services. It also specifically calls on the central bank to evaluate its policies around granting access to payment accounts and related services for fintech companies and non-traditional financial institutions.

Scrutiny of Fed Payment Access

At the center of the directive is the question of access to the Federal Reserve’s payment infrastructure, including the system commonly referred to as the “rails” that enable money to move between banks and financial institutions.

The order asks the Federal Reserve to examine its approach to granting so-called master accounts, which function as direct access points to the central banking system. These accounts allow eligible institutions to settle payments through Fed systems such as Fedwire and hold balances directly with the central bank, effectively reducing reliance on intermediary banks.

Access to these accounts has become a focal point in recent years as fintech and crypto companies increasingly seek direct integration into the U.S. financial backbone.

Rising Demand From Crypto and Fintech Firms

The push for broader access comes as several high-profile digital asset and fintech firms continue to seek entry into the Fed’s payments infrastructure. Among them, Kraken received a master account in March, granting it participation in the Fedwire wholesale payments system and limited ability to hold overnight balances.

Other firms, including Anchorage Digital, Ripple and Wise, have either applied for or expressed interest in obtaining similar access as part of their broader efforts to integrate more deeply into regulated financial infrastructure.

The expansion of interest reflects a broader shift in the financial sector, where digital asset firms are increasingly positioning themselves not just as alternative payment providers but as direct participants in the settlement system itself.

Federal Reserve’s Gradual Policy Shift

The Federal Reserve has previously indicated openness to expanding access to payment systems for regulated non-bank institutions, while maintaining a cautious, incremental approach. In December, the central bank sought public feedback on the idea of introducing a new category of payment accounts designed with stricter limitations, an approach that aligns with earlier restricted access arrangements such as those granted in pilot form to select institutions.

While the direction suggests a gradual opening of the system, the Fed has continued to emphasize risk management, supervisory oversight and financial stability considerations as central constraints in any expansion of access.

Broader Implications for Financial Infrastructure

The executive order adds renewed political weight to an ongoing debate over who should be allowed to directly access the core infrastructure of the U.S. financial system. If the review leads to expanded access, fintech and crypto firms could gain more direct participation in settlement processes, potentially reducing friction in payments and cross-border transfers.

At the same time, it raises broader questions about the evolving boundary between traditional banking institutions and digital-native financial platforms, particularly as competition intensifies around control of payment infrastructure and settlement networks.