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Fed Considers 'Streamlined' Payment Accounts for Crypto Banks

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The Federal Reserve is pushing forward with a proposal to offer crypto banks a simplified version of Fed payment accounts, aiming to support innovation while addressing concerns like Countering the Financing of Terrorism. The plan, first outlined by Governor Christopher J. Waller in October, allows eligible banks to access the Fed’s payment channels. The central bank previously denied such access due to risks to the U.S. banking system. Now, it is seeking public feedback for 45 days. Waller said the new payment accounts will help maintain security in liquidity and crypto markets.
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