Trump Orders Fed to Expand Fintech Access to Payment Rails

Donald Trump signed an executive order on May 19, 2026, directing the Federal Reserve and other financial regulators to review and reduce barriers preventing fintech and crypto firms from accessing U.S. payment rails. The order, titled "Integrating Financial Technology Innovation into Regulatory Frameworks," calls for the Federal Reserve to evaluate expanding access to master accounts—the systems that allow firms to move funds directly through the Fed's payment infrastructure—for non-bank financial companies and digital asset firms.

The move follows the Federal Reserve Bank of Kansas City granting a limited master account to the crypto exchange Kraken in March, making it the first crypto company to secure such access. Other firms, including Ripple, Anchorage Digital, and Wise, are also seeking master accounts. The order requires regulators including the SEC, CFPB, FDIC, and OCC to identify barriers to innovation within 90 days and implement innovation-focused steps within 180 days. The Federal Reserve must report on the legal authority and options for expanding account access within 120 days, including whether its 12 regional banks can grant master accounts independently of the Board of Governors.

The executive order aims to replace outdated, brick-and-mortar-centric regulations with frameworks that integrate digital assets and novel technology, reducing costs and removing protections for incumbent financial firms. The Independent Community Bankers of America criticized the move, arguing that non-bank entities should be subject to the same regulations as traditional banks and calling for a pause on new stablecoin and master account policies.