Trump orders Fed review of crypto rails

President Donald Trump signed an executive order on May 19 directing federal financial regulators to review rules that affect fintech firms and asking the Federal Reserve to examine access to U.S. payment infrastructure by uninsured depository institutions and non-bank financial companies. The White House said the order is meant to “allow integration of digital assets and innovative technology into traditional financial services and payment systems.” (whitehouse.gov) The Fed request is narrower than some social-media descriptions of the move. (whitehouse.gov) The White House fact sheet says the central bank was asked to evaluate the legal, regulatory and policy frameworks governing access to Reserve Bank payment accounts and payment services, rather than to grant access immediately. (sullcrom.com) That matters because access to Federal Reserve payment services and accounts sits at the center of a long-running dispute over whether crypto-linked or other non-bank firms should be able to connect more directly to core dollar payment systems. The order puts that question back in front of the Fed with a formal reporting deadline. (whitehouse.gov) ### What exactly did Trump ask the Fed to review? The White House said the Fed should assess “the legal, regulatory, and policy frameworks” governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies. It also asked for findings on the Fed’s legal authority, options for expanding access, legal impediments, and the policies used by Reserve Banks and the Board of Governors. (whitehouse.gov) Sullivan & Cromwell, summarizing the order on May 20, said the request covers “covered firms” engaged in digital assets and other novel financial activities, including those functioning as direct participants in real-time payment networks. (whitehouse.gov) ### Does the order force the Federal Reserve to open payment rails? The May 19 order asks the Fed to conduct an evaluation and submit a report; it does not itself award master accounts or direct access to payment services. The White House language frames the Fed’s role as a review of authorities, risks and possible options under existing law. The same order separately directs other federal financial regulators — including the CFPB, CFTC, FDIC, OCC, NCUA and SEC — to review rules, guidance, supervisory practices and application processes that could be updated to facilitate innovation and competition. (whitehouse.gov) The Federal Reserve Board is not included in that regulator definition inside the order. (sullcrom.com) ### Why are crypto firms watching payment access so closely? Federal Reserve payment accounts and services are part of the plumbing behind dollar transfers, settlement and real-time payments. The White House said current rules and supervisory practices can favor incumbents and create barriers for newer firms, including digital-asset companies. (whitehouse.gov) The debate has become more immediate as stablecoin companies and exchanges push deeper into payments infrastructure. Coinbase said on May 20 that it and Flipcash launched USDF using Coinbase’s Custom Stablecoin platform, describing it as a step to make stablecoin issuance more accessible. Coinbase separately markets “Custom Stablecoins” as infrastructure for businesses seeking branded digital assets. (whitehouse.gov) ### What deadlines are attached to the order? Sullivan & Cromwell said the non-Fed regulators must complete their reviews within 90 days, which would fall on August 17, 2026, and then take steps to encourage innovation within 180 days, or by November 15, 2026. The same memo said the Federal Reserve Board was asked to submit its report within 120 days, which would place that deadline on September 16, 2026, through the Assistant to the President for Economic Policy. (whitehouse.gov) The next public marker is likely the Fed’s report, if the Board chooses to respond on that timetable. (sullcrom.com) (coinbase.com)