President Trump signed an executive order on May 19 directing the Federal Reserve to evaluate its policies on granting payment-account access to non-bank financial companies — a move that could allow crypto firms to connect directly to Fedwire, the high-value dollar settlement system currently reserved for depository institutions.
The order, titled "Integrating Financial Technology Innovation into Regulatory Frameworks," does not immediately open the Fed's master accounts to crypto firms, but it gives the central bank a clear mandate to review whether existing law permits broader access and how applications should be processed. Kraken's parent company Payward already received a limited-purpose payment account from the Kansas City Fed in March, establishing a working template: restricted access to core payment rails without reserve interest, Fed credit, or overdraft privileges.
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