Fed Opens Comment Period on Expanding Master Account Access After Trump Executive Order

The Federal Reserve is soliciting public input on broadening access to Fed master accounts, a move that follows an executive order from the Trump administration directing regulators to review financial access rules. Master accounts — the gateway to the Fed's payment infrastructure — have historically been difficult for non-traditional financial institutions, including crypto-native banks and fintech firms, to obtain.

The review carries real weight for the digital-asset industry. Several crypto-focused institutions have spent years in legal battles attempting to secure master accounts, arguing that denial amounts to regulatory exclusion from the dollar payment system. A formal Fed comment process signals the issue has moved from the courts into the policy lane.

The outcome will shape which institutions can settle directly in central-bank money versus relying on correspondent banking…