President Trump Directs Government and Federal Reserve to Review Crypto Firms’ Access to Payment Rails
May 19, 2026 — In a significant move aimed at integrating digital assets into the U.S. financial system, President Donald Trump on Tuesday signed an executive order requesting a comprehensive review of how cryptocurrency firms access traditional payment infrastructure.
The order emphasizes updating regulatory frameworks to embrace "digital assets and innovative technology" within established financial services and payment systems. It calls for fostering collaboration between fintech companies, federally regulated financial institutions, and federal regulators, while seeking to reduce unnecessary regulatory barriers that impede fintech innovation.
Key Provisions of the Executive Order
The directive tasks the heads of financial regulatory agencies with reviewing existing rules over the next three months to identify those that unduly restrict partnerships between fintech firms—including crypto-related entities—and federally regulated institutions. The agencies are then instructed to take steps within six months to encourage innovation based on their findings.
A notable element in the order requests the Federal Reserve Board of Governors to examine policies regarding access to payment accounts and services. This includes considering how uninsured depository institutions and non-bank financial firms gain access to these payment systems. The 12 Federal Reserve banks are also asked to assess whether they can independently grant payment account access, aside from the Board’s discretion.
This review is particularly relevant to institutions such as Wyoming’s special purpose depository institutions (SPDIs), which currently operate under a framework designed to support fintechs and crypto firms. Earlier this year, the Federal Reserve Bank of Kansas City granted Kraken, a Wyoming SPDI, access to a limited master account, allowing it to operate more seamlessly within the payment system. Several other companies have sought similar access.
The Federal Reserve has been actively exploring the creation of a "skinny" master account, aimed at providing some firms with limited access to reserve bank services. A proposal published last December detailed this initiative, signaling the Fed’s interest in expanding access beyond traditional banks.
Second Executive Order Targets Bank Secrecy Act Enforcement
In addition, President Trump signed a separate executive order directing the Treasury Department and financial regulators to enhance the effectiveness of the Bank Secrecy Act (BSA). This order focuses on preventing undocumented immigrants from leveraging financial services through methods such as unregistered money service businesses, third-party payment processors, or peer-to-peer platforms that may facilitate wage payments "off-the-books," potentially circumventing tax reporting requirements.
The measures seek to address illicit financial flows and ensure better compliance within the financial system, reflecting a dual emphasis on innovation and regulatory enforcement.
Industry Reaction
Rebecca Romero Rainey, CEO and president of the Independent Community Bankers of America (ICBA), welcomed the review but urged regulators to carefully consider the regulatory gaps between banks and non-bank entities. ICEA called for a level playing field where like activities are subject to like regulations.
She underscored the Federal Reserve’s discretionary authority to approve or deny master account access for special-purpose depository institutions, stablecoin issuers, and related crypto firms. Rainey also cautioned policymakers to pause on new policy initiatives involving stablecoins, Federal Reserve master accounts, and Office of the Comptroller of the Currency (OCC) national trust charters in order to holistically assess their impact on local communities and the broader economy.
Looking Ahead
This executive order marks a clear signal from the federal government to modernize the regulatory environment surrounding fintech and digital assets. By potentially expanding access to the country’s payment rails for crypto companies, the administration seeks to foster innovation, expand financial inclusion, and solidify the U.S. as a leading hub for financial technology development.
As the financial regulators embark on the mandated reviews, the industry and observers will closely monitor how these efforts materialize into policy changes and what implications they hold for the evolving landscape of cryptocurrency and digital payments.
This article will be updated as more information becomes available.