Trump Directs Fed to Evaluate Granting Cryptocurrency Firms Main Account Access

BlockBeats News, May 20th, President Trump on Tuesday signed an executive order titled Integrating Financial Technology Into the Regulatory Framework, directing the Federal Reserve to assess schemes allowing fintech companies and crypto firms direct access to the Fed's payment systems.

The order urges the federal government to eliminate overly burdensome policies on financial technology innovation and requests the Fed to conduct a comprehensive review of the regulatory framework for non-bank firms accessing reserve bank accounts and services. Furthermore, the order instructs the Fed to clarify whether the 12 Federal Reserve Banks have independent legal authority to grant or deny access to payment accounts and services, and requires the Fed to submit a report to the President within 120 days.