Regulation
Trump Order Pushes Fed to Open Payment Rails to Crypto Firms
22 Jul 2026, 10:05
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A May 2026 executive order directs regulators to study giving crypto and fintech companies direct access to Federal Reserve payment accounts.
President Trump signed an executive order on May 19 titled "Integrating Financial Technology Innovation into Regulatory Frameworks," directing federal regulators to study whether crypto and fintech firms should be granted direct access to Federal Reserve payment accounts, a privilege that has historically been reserved for traditional chartered banks. The order requires regulators to complete a full review within 90 days of any existing rules that may be preventing crypto and fintech companies from obtaining bank licenses, deposit insurance, or partnerships with established financial institutions.
The May order builds on an earlier executive order signed in January 2025, which set out the administration's broader policy of supporting "the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy." That initial order established the President's Working Group on Digital Asset Markets, chaired by venture capitalist and administration "Crypto and AI Czar" David Sacks, and directed the group to deliver a report within 180 days proposing a comprehensive federal regulatory framework for digital assets. The same order committed the administration to promoting dollar-backed stablecoins globally while explicitly banning the issuance or promotion of a US central bank digital currency.
Taken together, the two orders represent a sustained push to integrate crypto and fintech companies more directly into the plumbing of the US financial system, rather than leaving them dependent on relationships with intermediary banks to access core payment infrastructure. Proponents argue that direct Fed access would reduce costs, cut settlement times, and remove a long-standing competitive disadvantage that has forced many crypto firms to operate through a patchwork of banking partnerships that can be abruptly terminated.
Critics, including some banking industry groups, have raised concerns about extending access to Fed payment rails to firms that don't carry the same regulatory obligations as chartered banks. With the 90-day review period now underway, the coming months are expected to clarify how far regulators are willing to go in narrowing that gap.
The May order builds on an earlier executive order signed in January 2025, which set out the administration's broader policy of supporting "the responsible growth and use of digital assets, blockchain technology, and related technologies across all sectors of the economy." That initial order established the President's Working Group on Digital Asset Markets, chaired by venture capitalist and administration "Crypto and AI Czar" David Sacks, and directed the group to deliver a report within 180 days proposing a comprehensive federal regulatory framework for digital assets. The same order committed the administration to promoting dollar-backed stablecoins globally while explicitly banning the issuance or promotion of a US central bank digital currency.
Taken together, the two orders represent a sustained push to integrate crypto and fintech companies more directly into the plumbing of the US financial system, rather than leaving them dependent on relationships with intermediary banks to access core payment infrastructure. Proponents argue that direct Fed access would reduce costs, cut settlement times, and remove a long-standing competitive disadvantage that has forced many crypto firms to operate through a patchwork of banking partnerships that can be abruptly terminated.
Critics, including some banking industry groups, have raised concerns about extending access to Fed payment rails to firms that don't carry the same regulatory obligations as chartered banks. With the 90-day review period now underway, the coming months are expected to clarify how far regulators are willing to go in narrowing that gap.