President 
Donald Trump signed an executive order Tuesday directing the Federal Reserve and other financial regulators to dismantle barriers that have kept crypto and fintech firms out of the US payment system, escalating a years-long fight over access to Fed master accounts. The order, titled "Integrating Financial Technology Innovation into Regulatory Frameworks" in the Bitcoin Magazine writeup, gives federal financial agencies three months to identify rules that "unduly impede" fintech firms and six months to act. The Fed has since opened a public comment window on master-account access, The Block reported.
Why do master accounts matter? In the Bitcoin Magazine framing, they are the gateway to payment rails like Fedwire that handle high-value dollar settlement, and have historically been reserved for licensed depository institutions, forcing crypto firms to pursue costly bank charters. The order asks the Fed to evaluate whether its framework can be extended to non-bank fintech and crypto firms, and to clarify whether the 12 regional Federal Reserve banks may independently approve master-account applications.
Which firms stand to benefit? Kraken, Ripple, Coinbase and Circle would be in line for direct Fed payment-rail access if the review opens the door, CryptoSlate reported. In March the Kansas City Fed had already approved a limited-purpose account for Payward, Kraken's parent — the first time a crypto exchange won any form of Fed payment access, in the Bitcoin Magazine account.
How are regulators reacting? Cointelegraph reported that the order also asks agencies to streamline applications from fintech firms seeking bank or credit-union charters. The Bank Policy Institute, which represents large US banks, said it was "deeply concerned" by the earlier Kraken approval, Decrypt reported, and Independent Community Bankers of America CEO Rebecca Romero Rainey said the order exposes "significant gaps" in the existing framework.
Figures referenced: Donald Trump. — JudgeMarket.
