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The United States central bank is proposing a new type of account that could greatly benefit crypto-focused banks and companies.
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Summarize with AI
Summarize with AI
Federal Reserve Governor Chris Waller announced the central bank is proposing a new type of limited-access master account for all eligible institutions to receive direct access to the Fed’s payment rails.
The announcement was made at the Federal Reserve’s Payment Innovation Conference on Oct. 21.
The new “skinny master account” system would enable crypto-banks and major exchanges direct access to Fed payment systems without requiring partner banks.
“The Fed is quickly moving to destroy commercial banking in the US,” said outspoken BitMEX co-founder Arthur Hayes.
More Leeway For Crypto Companies
Under the new system, any legally eligible institution could obtain one under existing legal requirements, which would open doors for fintechs, stablecoin issuers, and crypto companies to access Fed services directly, explained Crypto in America host Eleanor Terrett.
It could also speed access for companies like Ripple and Anchorage, which applied this year, she added.
Banks are “probably not thrilled” about Governor Waller’s speech this morning, said senior research fellow David Beckworth.
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“It’s more than hope,” replied Custodia Bank CEO Caitlin Long, who added that “it’s a fast way for banks to future-proof their businesses by bringing bank-grade tokenization infrastructure in an efficient way.”
In June, the Fed stated that it was eliminating “reputational risk” as a supervisory tool for banks, which could potentially pave the way for crypto companies that have faced challenges in dealing with banks.
AI-Powered Future
In addition to the new account announcements, there was also a lot of talk about “agentic commerce” at the event.
In a panel led by Matt Marcus, CEO of Modern Treasury, ARK Invest’s Cathie Wood commented on the previous administration’s hostile approach to blockchain innovation.
She also joined a discussion with Alesia Haas, CFO at Coinbase, Emily Sands, Head of A at Stripe, and Richard Widmann, Head of Strategy at Google Cloud, on the advances of AI agents in finance and payment platforms.
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Source: https://cryptopotato.com/fed-to-open-door-to-crypto-banking-in-trumps-revenge/
