- Donald Trump signed an executive order focused on fintech and digital asset regulation.
- The order directs the Federal Reserve to review policies governing access to Fed payment rails.
- The review includes possible access for crypto firms and blockchain-based companies.
- The Fed was instructed to clarify authority over granting or denying master accounts.
- A report must be submitted to the president within 120 days.
Trump Directs Federal Reserve to Review Crypto Payment Rail Access
U.S. President Donald Trump signed an executive order on Tuesday directing the Federal Reserve to evaluate its policies regarding fintech firms, including crypto companies, gaining direct access to the Fed’s payment rails. The order, titled “Integrating financial technology innovation into regulatory frameworks,” called on the federal government to remove policies that may be considered “overly burdensome.”
According to the order, the Federal Government must update regulations to support the integration of digital assets and innovative technologies into traditional financial services and payment systems. The executive order stated: “To foster this financial innovation, the Federal Government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems.”
Order Focuses on Fintech and Crypto Firms
The order referred to fintech firms as non-bank companies, including businesses operating digital asset-related and blockchain-based services. Under the Federal Reserve Act, Federal Reserve banks have authority to approve or deny applications for access to Fed payment rails. Qualified applicants are generally licensed depository institutions, leading some crypto firms to pursue federal charter licenses.
The order requested the Federal Reserve to conduct a comprehensive evaluation of its regulatory framework governing access to Reserve Bank payment accounts and payment services. It also instructed the Fed to explore options for extending such access to fintech and crypto firms.
Fed Asked to Clarify Authority Over Master Accounts
Trump also directed the Federal Reserve to clarify whether the 12 Federal Reserve banks have the legal authority to independently grant or deny access to payment accounts and services.
These accounts are commonly referred to as “master accounts,” which would allow crypto firms to connect directly to core U.S. payment rails without relying on intermediary banks. The executive order instructed the Federal Reserve to submit a report to the president within 120 days.
Truth Social Withdraws Crypto ETF Applications
The filing stated: “The Company has determined to withdraw the Registration Statement and not to pursue the public offering at this time.”
Recently, Truth Social, the social media platform operated by Trump Media & Technology Group, filed to withdraw its applications for crypto exchange-traded funds. According to filings submitted to the Securities and Exchange Commission on Monday, the company requested the withdrawal of its Form S-1 registration statements for the Truth Social Bitcoin ETF and the Truth Social Bitcoin & Ethereum ETF, which were originally filed in June 2025.
FAQs
1. What does Trump’s executive order on fintech and crypto focus on?
The executive order directs the Federal Reserve to review policies related to fintech and crypto firms accessing Fed payment rails and financial services infrastructure.
2. What are Federal Reserve master accounts?
Master accounts are payment accounts that could allow crypto firms and other financial companies to connect directly to core U.S. payment systems without intermediary banks.
3. Which companies are included under the order’s fintech definition?
The order refers to fintech firms as non-bank companies, including businesses involved in digital asset-related and blockchain-based services.
4. When must the Federal Reserve submit its report?
The executive order instructs the Federal Reserve to submit its report to the president within 120 days.
