President Donald Trump signed an executive order calling on regulators and the Federal Reserve to review rules that may stifle financial innovation, including expanding fintech access to payment accounts.
The order asks the Fed to examine options for giving fintechs and non-bank firms access to master accounts, which allow direct use of the Fed's payment system.
Crypto exchange Kraken obtained a master account in March. Ripple, Anchorage Digital, and Wise also seek such access.
The Fed has signaled it will open payment rails to more crypto and fintech firms.
