Trump orders Fed review of crypto firms' access to payment rails

President Trump has directed the federal government and the Federal Reserve to review crypto firms' access to payment rails, putting bank regulators on notice over the debanking of digital asset companies.

Why it matters

Crypto firms have long complained that US banks quietly close their accounts or refuse to open new ones, citing compliance risk. A formal government review raises the cost of that practice for the banks involved and could force clearer rules on what crypto-touching clients are and aren't bankable. The Fed's involvement specifically targets the most sensitive layer: the rails themselves.

Market impact

Crypto-exposed banks and custody providers will re-read their onboarding playbooks. Any stablecoin issuer or exchange that settles through the US banking system has a direct line into the review's outcome. Watch for the Treasury and Fed's first response — it sets the template for which crypto business models get friction-free banking and which get quietly frozen out.