Trump Orders Fed to Review Crypto Firms' Access to Federal Reserve Payment Accounts Within 120 Days

On Tuesday, President Donald Trump signed an executive order directing federal financial regulators to review and update rules for integrating digital assets into traditional financial services. The Federal Reserve faces a specific mandate: submit a report within 120 days evaluating its legal authority to grant non-bank financial companies, including digital asset firms, direct access to Federal Reserve payment accounts. If existing law permits such access, the Fed must establish transparent application procedures and render decisions within 90 days of receiving complete applications. Federal regulators across seven agencies have 90 days to identify regulations that impede fintech partnerships with federally regulated institutions, followed by 180 days to encourage innovation. The Kansas City Fed previously approved a limited purpose account for Kraken in March 2026.
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