Trump order puts Kraken, Ripple, Coinbase and Circle in line for Fed payment rails
CryptoSlate
President Trump directed the Federal Reserve to evaluate granting crypto and fintech firms direct access to central bank payment systems.Summary
President Donald Trump has signed an executive order requiring the Federal Reserve to review policies regarding non-bank financial companies' access to its payment rails, including Fedwire. Currently, access is largely restricted to depository institutions, forcing crypto companies like Kraken, Ripple, Coinbase, and Circle to rely on bank intermediaries. While the order does not grant immediate access, it mandates a review of whether these firms can obtain "skinny" or restricted accounts. Proponents argue this will increase efficiency and lower costs, while the banking industry warns that such access must be contingent upon meeting stringent, bank-grade regulatory and safety standards to prevent systemic risk.
(Source：CryptoSlate)