Federal Reserve Seeks Comments on "Streamlined Master Account" Framework, Proposes to Allow Crypto Companies to Access Its Payment System

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ME News reports that on May 21 (UTC+8), crypto journalist Eleanor Terrett disclosed that the Federal Reserve has issued a notice of proposed rulemaking and request for comments on payment accounts (i.e., "streamlined master accounts"), allowing eligible fintech and crypto companies to access the Federal Reserve's payment system for clearing and settlement. This is the next formal step in the implementation process of payment accounts by Federal Reserve Governor Christopher Waller, following the end of the public comment period in February. The Federal Reserve also encouraged each regional Federal Reserve Bank to halt processing new "Tier 3" master account access requests (a category into which most crypto companies fall) before December 2026, in order to improve system consistency while finalizing the framework. (Source: PANews)
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