Trump Orders Fed to Review Crypto Firms’ Access to Master Accounts
Decrypt·
60-second summary
The US government is taking a closer look at crypto firms' access to payment systems, as President Trump orders the Federal Reserve to review their eligibility for master accounts, potentially affecting over 150 crypto firms that currently hold these accounts, valued at $1.2 trillion in transactions, which could impact the industry's ability to process large-scale transactions efficiently.
The order asks the Fed to review crypto firms’ access to payment rails, putting its control over master accounts under scrutiny.