Donald Trump Gives the Fed 120 Days to Open Payment Access to Crypto Firms

Donald Trump, Source: The White HouseFederal Reserve Payment Account Review

The order asks the Federal Reserve Board to complete a parallel review within 120 days. The evaluation covers whether uninsured depositories and non-bank firms, including crypto companies, can access Reserve Bank payment services.

It also asks whether individual Federal Reserve Banks can act independently on such applications. That question echoes earlier disputes over master account access for crypto-focused banks like Custodia.

Where existing law allows expanded access, the order asks the Fed to publish transparent application procedures. Complete applications must then receive a decision within 90 days.

Industry Reaction

Custodia Bank founder Caitlin Long welcomed the directive. She has long argued that the Federal Reserve has blocked legally-eligible institutions from the US payment system. Custodia lost a 2023 court fight to win master account approval. The Trump administration has also pushed earlier orders targeting crypto debanking.

The directive lands as crypto firms continue to push for federal payment system access. Kraken became the first crypto firm to plug directly into the Fed earlier this year. Ripple and others remain in the application pipeline. The coming 90 to 180 days will show how quickly regulators translate the order into concrete rule changes.

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