Fed Updates Simplified Master Account Proposal for Crypto Firms

Odaily Planet Daily reports: The U.S. Federal Reserve Board has released an updated proposal for simplified master accounts, refining its plan to provide payment channel access to fintech and crypto companies. This update revises the request for information initially published in December 2025 and envisions allowing relevant companies to access payment channels without becoming chartered banks under the Office of the Comptroller of the Currency. In the same week, U.S. President Donald Trump signed two executive orders: one directing federal regulators to review existing policies to better integrate digital assets into the payment system; the other requiring the U.S. Treasury Department and regulators to strengthen rules under the Bank Secrecy Act. The executive orders also direct the Federal Reserve to review payment account arrangements of uninsured depository institutions and ask Federal Reserve member banks to assess their ability to independently provide payment accounts to such entities. The U.S. Senate Banking Committee previously voted to advance the Clarity Act. The Senate then entered its Memorial Day recess without voting on the reconciliation bill, which included funding for the Department of Homeland Security. (CoinDesk)