U.S. President Donald Trump has signed an executive order directing federal banking regulators to open the door for greater participation by cryptocurrency and financial technology firms in the U.S. banking system. The order instructs the Federal Reserve to evaluate whether certain crypto-focused institutions — including Wyoming’s special purpose depository institutions (SPDIs) — should be eligible for direct access to Federal Reserve payment accounts and services, commonly known as master accounts.
Fed Review of Direct Access for Digital Asset Firms
The executive order calls on the Federal Reserve’s Board of Governors to assess whether uninsured depository institutions and non-bank financial companies involved with digital assets should be permitted direct access to Federal Reserve Bank accounts and services. That access, often referred to as a master account, allows institutions to settle payments directly via the Fed’s rails, such as Fedwire, rather than through intermediary banks.
The order also asks the Fed to identify legal barriers to such access and, if consistent with existing law, to establish clear application procedures. It further directs that decisions on completed applications be issued within 90 days. According to the order, the Fed’s study period on these questions spans up to 120 days.
Agency Deadlines and Scope
Multiple federal agencies — including the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), Office of the Comptroller of the Currency (OCC), and Federal Deposit Insurance Corporation (FDIC) — have been instructed to review their supervisory practices within 90 days. The reviews are aimed at identifying and removing unnecessary barriers that prevent fintech firms from partnering with federally regulated institutions or obtaining necessary approvals.
- Examine policies that may impede partnerships between banks and fintech companies.
- Clarify pathways for fintech firms to apply for bank charters, deposit insurance, and other federal permissions.
- Ensure any changes uphold consumer protection, market integrity, and financial stability.
The order defines fintech broadly, covering companies involved in digital assets, blockchain infrastructure, payments, custody, lending, brokerage, and securities market operations.
Implications for Wyoming SPDIs and Crypto Banking
Wyoming’s SPDIs — state-chartered institutions designed to provide digital asset custody and related services under a full-reserve model — have long sought Federal Reserve master accounts to operate more seamlessly within the U.S. payment system. Direct access would reduce reliance on correspondent banks and could expand the range of services these firms can offer to customers.
The issue has been closely watched since some crypto-focused applicants previously faced denials or delays when seeking master accounts. A formal framework and timelines for application decisions could provide greater regulatory clarity for institutions operating at the intersection of banking and digital assets.
Policy Shift and Next Steps
The order signals a policy direction that contrasts with calls from some lawmakers for tighter limits on crypto firms’ access to the banking system. While encouraging innovation, the directive emphasizes that consumer safeguards and financial stability remain core priorities.
Over the coming months, the Fed’s findings and the 90-day reviews by the SEC, CFTC, OCC, and FDIC will help determine whether crypto and fintech companies — including Wyoming’s SPDIs — gain a more direct foothold in the U.S. banking infrastructure.