Trump Pushes Fed to Review Fintech Payment Access #
U.S. President Donald Trump signed an executive order asking regulators and the Federal Reserve to review rules that may be limiting financial innovation. The order calls on the Fed to examine whether its approach to payment accounts and services could be updated to expand access for fintechs and other non-bank firms
The issue matters because access to Fed master accounts would let non-traditional financial firms connect more directly to the central bank’s payment systems. Reuters noted that Kraken received a Fed master account in March, while Ripple, Anchorage Digital and Wise are also seeking access or have expressed interest.