The Federal Reserve is soliciting comments on a "streamlined master account" framework, proposing to allow crypto companies to access its payment system.

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ME News: On May 21 (UTC+8), crypto journalist Eleanor Terrett revealed that the Federal Reserve has issued a Request for Comment and Proposed Rulemaking Notice regarding 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 for Fed Governor Christopher Waller's payment account framework, following the end of the public comment period in February. The Fed also encouraged regional Reserve Banks to pause processing new "Tier 3" master account access requests (which most crypto companies fall under) until December 2026, in order to improve system consistency while finalizing the framework. (Source: PANews)
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