Trump Urges Fed to Review Rules Limiting Fintech Access to Payment Systems

U.S. President Donald Trump signed an executive order on Tuesday directing federal regulators and the Federal Reserve to review policies that may be slowing financial innovation, particularly in the fintech sector.

The order encourages the Federal Reserve to work alongside other regulators in reassessing rules that could be modernized to support the growth of fintech companies. It specifically asks the Fed to examine how it grants access to payment accounts and services, and to explore ways non-bank financial firms and fintech companies could gain broader access to the central bank’s payment infrastructure.

At the center of the discussion are “master accounts,” which are often described as bank accounts held directly with the Federal Reserve. These accounts allow institutions to move funds through the Fed’s payment networks more efficiently.

Interest in Fed master accounts has increased in recent years as fintech and crypto-related firms seek direct access to the U.S. financial system. Earlier this year, crypto exchange Kraken received a Fed master account, enabling access to the Fedwire wholesale payment system and allowing the firm to maintain limited overnight balances.

Other companies reportedly interested in obtaining similar access include Ripple, Anchorage Digital, and money transfer fintech Wise.

The Federal Reserve has already shown signs of considering broader access for fintech and crypto firms. In December, the central bank requested public feedback on a possible new category of payment account designed with restrictions similar to those applied to Kraken’s arrangement.

The executive order signals the Trump administration’s growing focus on encouraging innovation in digital finance and expanding competition within the U.S. payments ecosystem.

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