Federal Reserve Seeks Public Input on Payment Accounts, May Allow Crypto Firms Direct Access
The Federal Reserve has invited public feedback on a proposed special-purpose payment account that could reshape how financial institutions interact with the U.S. central bank — including regulated crypto and fintech companies. The initiative aims to grant eligible firms direct access to the Fed’s payment, clearing, and settlement systems, reducing reliance on intermediary banks.
According to Federal Reserve Governor Christopher J. Waller, the new account structure is designed to encourage innovation while safeguarding financial stability. Unlike standard master accounts, these payment accounts would not earn interest, would prohibit overdrafts, and would impose balance limits, but would benefit from a faster and more transparent approval process.
The 45-day comment period reflects the Fed’s response to evolving payment technologies and growing demand for more efficient infrastructure. If adopted, this framework could mark a significant step toward integrating crypto firms into the traditional financial system — under clearly defined and controlled conditions.