President Donald Trump Orders Review of Crypto Firms’ Access to US Payment Systems

President Donald Trump has signed a new executive order directing federal financial regulators and the Federal Reserve to review how cryptocurrency and fintech firms can gain broader access to the nation’s banking and payment infrastructure. (CoinDesk)

The order represents one of the most significant moves yet by the Trump administration to integrate digital asset companies into the traditional US financial system.

According to the directive, federal agencies must examine regulations that may restrict cryptocurrency firms, blockchain companies, and non-bank financial technology businesses from accessing payment rails, master accounts, and banking partnerships. (Reuters)

Executive Order Targets Regulatory Barriers

The administration said the review aims to modernize financial regulation and encourage innovation involving digital assets and emerging payment technologies.

Under the order, regulators have approximately 90 days to identify rules or guidance that may unnecessarily limit fintech firms and crypto companies from operating alongside federally regulated financial institutions. (Bitcoin News)

The directive specifically asks the Federal Reserve to assess policies surrounding “master accounts,” which allow direct access to the Fed’s payment systems used by banks and credit unions nationwide. (Reuters)

Such access could allow approved crypto and fintech firms to transfer funds directly through central banking infrastructure rather than relying entirely on intermediary banks.

Crypto Industry Sees Major Policy Shift

The cryptocurrency industry welcomed the order as a potentially transformative step toward legitimizing digital asset firms within mainstream finance.

Several crypto-related companies — including Kraken, Ripple, and Anchorage Digital — have reportedly sought expanded access to Federal Reserve payment services. (Reuters)

Earlier this year, Kraken became one of the first crypto-focused institutions approved for a limited Federal Reserve master account, a development viewed as a major precedent for the industry. (Wall Street Journal)

Supporters argue broader payment access could improve efficiency, reduce transaction costs, and strengthen the United States’ competitiveness in financial technology innovation.

Critics Warn About Financial Risks

Critics of the move cautioned that expanding central banking access to crypto firms could increase financial system risks if regulations fail to keep pace with rapidly evolving digital asset markets.

Some lawmakers and banking groups have raised concerns over consumer protections, anti-money laundering safeguards, cybersecurity vulnerabilities, and the volatility of cryptocurrency markets.

Senator Elizabeth Warren and other critics have previously questioned whether crypto firms should receive access comparable to federally insured banking institutions. (CoinCentral)

Banking industry organizations also warned that allowing nontraditional financial firms direct access to Federal Reserve systems could blur distinctions between regulated banks and private technology companies.

Trump Administration Expands Pro-Crypto Agenda

The executive order reflects President Trump’s increasingly pro-cryptocurrency stance during his second term.

The administration has promoted policies aimed at encouraging blockchain innovation, attracting digital asset investment, and reducing what officials describe as excessive regulatory barriers imposed during previous administrations.

Industry analysts said the latest order could accelerate efforts by crypto firms to obtain banking charters, payment access, and deeper integration into traditional financial markets.

Federal Review Expected to Continue for Months

Financial regulators are expected to deliver initial findings later this year, though implementing any major policy changes could require additional rulemaking and coordination among multiple federal agencies.

The Federal Reserve has not yet publicly detailed how it may respond to the executive order.

Analysts say the review could become a defining moment in the evolving relationship between cryptocurrency firms and the US banking system.