Trump orders Fed review of crypto access

President Donald Trump signed an executive order on May 19 directing the Federal Reserve and other U.S. financial regulators to review rules, guidance and supervisory practices that affect fintech firms, including companies involved in digital assets. The order was published by the White House under the title “Integrating Financial Technology Innovation into Regulatory Frameworks.” The White House said the order asks the Federal Reserve to evaluate the legal, regulatory and policy framework governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies. The fact sheet said the review is meant to identify options for expanding access, legal impediments that block it, and policy choices at both the Reserve Bank and Board of Governors levels. (whitehouse.gov) ### Which part of the order touches crypto most directly? The White House order defines fintech broadly enough to include “digital asset-related services” and “blockchain-based services,” putting crypto companies inside the scope of the broader regulatory review. The text says fintech firms can include non-bank companies offering payment processing, custodial services, securities and commodities market activities, digital banking and blockchain-based services. (whitehouse.gov) The White House fact sheet makes the payment-access piece more explicit. It says the Fed is being asked to review access to Reserve Bank payment accounts and payment services for uninsured depositories and non-bank fintechs, a category that can include crypto-focused firms depending on their structure and licenses. (whitehouse.gov) ### What are “payment rails” in this case? The Federal Reserve runs key parts of the U.S. payments system, including services tied to Reserve Bank payment accounts and settlement infrastructure. The White House order does not use the phrase “payment rails” in the text shown on the page, but its reference to “Reserve Bank payment accounts and payment services” is the formal policy language behind that shorthand. (whitehouse.gov) A Federal Reserve speech and public comment materials from 2025 show the issue has centered on whether newer financial firms should gain more direct access to Fed-operated payments infrastructure rather than relying only on correspondent banks. In those materials, Fed officials and commenters referred to access to Fed payment rails, Fedwire, FedNow and FedACH as part of the broader debate. (whitehouse.gov) ### Why is this coming up now? The Federal Reserve said on April 24, 2025 that it had withdrawn prior guidance requiring advance notification for certain crypto-asset activities and rescinded a supervisory nonobjection process for dollar-token activities. The Board said at the time that the changes were intended to keep expectations aligned with evolving risks and to support innovation in the banking system. (federalreserve.gov) A February 2025 Congressional Research Service report said crypto firms and their supporters had argued they were struggling to access traditional banking services, a concern some market participants labeled “Operation Chokepoint 2.0.” The report said traditional banking services for crypto firms are generally acceptable to regulators if conducted safely and soundly, but that policy had shifted across administrations. (federalreserve.gov) ### Does the order itself guarantee crypto firms direct access? The White House fact sheet says no immediate access change was announced. Instead, the order asks the Fed to report on its legal authority, possible options for expansion, impediments under current law, and regulatory or legislative changes that could enable broader access while mitigating risks. (congress.gov) The White House crypto policy page separately says the administration’s working group wants the federal government to adopt a “pro-innovation mindset” toward digital assets and blockchain technologies. That page frames the administration’s broader direction, but the May 19 order itself is a review directive rather than a direct grant of payment-account access. ### What happens next at the Fed? The May 19 White House fact sheet says the Federal Reserve is expected to report on its findings after reviewing the legal and policy framework for access to Reserve Bank payment accounts and services. (whitehouse.gov) The next public markers are likely to be any Fed response, a formal report, or further White House and agency releases tied to the order’s implementation. (whitehouse.gov)