The Federal Reserve issued a proposed rulemaking on "skinny master accounts" that would allow eligible fintech and crypto firms to access the Fed's payment system directly for clearing and settlement without going through a traditional bank. The move follows Trump's executive order signed yesterday directing the Fed to evaluate expanding payment access to digital asset companies. Governor Waller has been leading the implementation process, and a public comment period on the initial proposal closed in February. The Fed is also encouraging regional Federal Reserve Banks to temporarily pause new "Tier 3" master account decisions, which covers most crypto firms, until no later than December 2026 while the framework is finalized.