The main account channel that fintech has been eagerly waiting for is finally opening.

CoinWorld News reports that Eleanor Terrett states the Federal Reserve has issued a request for comments and a proposed rule notice regarding payment accounts, also known as "Simplified Main Accounts," which will allow eligible fintech and crypto companies to access the Federal Reserve's payment system for clearing and settlement. This marks the next formal step in the implementation process of Fed Chair Waller's payment accounts, following the conclusion of the public comment period for the proposal in February. Notably, the Federal Reserve also encourages the Federal Reserve Banks to temporarily suspend decisions on new "Tier 3" main account access requests until December 2026 (most crypto companies are considered Tier 3), in order to create more consistent standards within the system when finalizing the framework.