TheBlock
Anchorage Digital has pushed back on the Federal Reserve's proposed framework for a new tier of payment-system access, telling regulators that the construct is no workable substitute for a full master account. The bank said it supports the Fed's broader effort to revamp how institutions connect to the payments system, but argued the proposed account would place crypto-native firms under a structurally weaker tier that invites intense and ongoing supervisory review.
Why it matters
The concept traces back to Fed Governor Christopher J. Waller, who floated what he called a "skinny master account" as a middle path between full Fed access and outright exclusion. For federally chartered crypto banks like Anchorage, the design of that account decides whether they get operating-room parity with traditional banks or a perpetual probation status that makes core business lines, such as custody and settlement, harder to scale.
Market impact
Anchorage's public objection narrows the practical options on the table for the Fed as it finalizes the framework. If the proposed payment account ships in its current form, crypto-native banks are likely to escalate the fight through the comment process and potentially in court, keeping banking access unresolved for the sector through 2026.
Frequently asked questions
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What did Anchorage Digital say about the Fed's proposed payment account?
Anchorage said the proposed payment account is no workable substitute for a full master account and would leave crypto-native banks under a structurally weaker tier subject to intense ongoing supervisory review.
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What is the Fed's 'skinny master account' proposal?
Fed Governor Christopher J. Waller floated the concept as a middle path between full Fed access and outright exclusion for institutions that do not qualify for a traditional master account.
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Why does the proposed account matter for crypto banks?
For federally chartered crypto banks like Anchorage, the design determines whether they get operating-room parity with traditional banks or a probation-tier status that makes custody and settlement harder to scale.
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Does Anchorage support the Fed's broader effort?
Yes. Anchorage said it supports the Fed's effort to revamp payments-system access in principle, but argued the specific construct proposed does not meet the bar for crypto-native institutions.
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What happens next if the proposal ships unchanged?
Crypto-native banks are likely to escalate the fight through the comment process and potentially in court, keeping banking access unresolved for the sector through 2026.
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