New Fed payment account guidelines released! Crypto firms are one step away from connecting to the Fed clearing system.

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The Fed has released a revised proposal for "Payment Accounts" and initiated a 60-day public comment period—a critical step taken one day after a Trump executive order and following the approval of Kraken. Payment Account holders can access the Fed payment system directly for clearing and settlement, but they are granted no intraday credit, no access to the discount window, and no interest on balances. If successfully implemented, this would be the most structural reform to the U.S. payment system since Dodd-Frank. (Context: Kraken's Fed "Master Account" approval sparks controversy: Banks fear systemic risk, U.S. lawmakers demand more details) (Background: Fed finalizes guidelines for "Master Account" review, offering a glimmer of hope for crypto banks and fintech firms) The proposal initiates a 60-day public comment period. This is the second step following the initial Request for Information (RFI) in December 2025, and the structure is "substantially similar" to the "Skinny" Master Account prototype outlined at the time. On May 20, Eastern Time, the Fed officially released the revised "Payment Account" proposal. These payment accounts allow holders to conduct clearing and settlement directly on the Fed's payment system, significantly increasing transaction speed and reducing costs, though they do not grant full Master Account status. The Fed explicitly listed restrictions: Payment Account holders may not use intraday credit, may not access the discount window, and account balances will not earn interest, with the system featuring built-in automated risk control mechanisms to prevent overdrafts. Compared to the draft from the end of last year, the new proposal includes several adjustments: the daily closing balance cap will be set based on the institution's expected payment activity, and the cap has been raised compared to the initial version. This change responds to practical needs raised by the industry during the first round of public comments. This is not a full Master Account, but it is sufficient to allow cryptocurrency firms to directly access the Fed's payment and clearing rail system. Fed Governor Chris Waller first publicly proposed the "Skinny Master Account" concept in October 2025, which immediately drew high attention from the cryptocurrency industry. Waller stated at the time that the Fed should "embrace disruption" and open a legal path for emerging financial institutions to access the central bank's payment system, rather than rejecting them with an all-or-nothing binary mindset. In practice, there are already pioneers. In March of this year, Kraken became the first cryptocurrency bank in history to obtain a limited Master Account through the Kansas City Fed. Notably, this was a decision approved independently by a regional Federal Reserve Bank, not a federal-level rule from the Fed Board in Washington. It is precisely this phenomenon of dual-track regional and central policy that has sparked concerns among policymakers regarding consistency and fairness. In this proposal, the Fed explicitly stated that it has requested regional Federal Reserve Banks to pause the review of certain applications until the rules are finalized, ensuring that the final system has a unified national standard. Just one day before the Fed released the proposal (May 19), U.S. President Trump signed a highly relevant executive order, directly requiring the Fed to review its current practices for granting payment accounts and payment services to "uninsured depository institutions" and "non-bank financial firms." The order also specifically named the need to review the status quo of the 12 regional Federal Reserve Banks independently approving payment accounts. The timing between the executive order and the Fed's rule proposal, separated by only one day, is difficult to view as a mere coincidence. From a policy rhythm perspective, the Trump administration clearly intends to accelerate the process for cryptocurrency firms to enter traditional financial infrastructure, consistent with his campaign pledge to "make the U.S. the crypto capital of the world." If the U.S. "Payment Account" system is ultimately implemented, it will add a new reference coordinate to the global cryptocurrency regulatory race. Looking at Asia, Hong Kong and Singapore are each taking their own paths regarding stablecoin issuance and payment infrastructure—the Hong Kong Monetary Authority (HKMA) is advancing a stablecoin issuer sandbox, while the Monetary Authority of Singapore (MAS) has already issued multiple Major Payment Institution licenses to crypto firms. Japan's Payment Services Act amendment has also incorporated crypto asset trading into its regulatory framework. For Taiwan, the Fed's "Skinny Master Account" model is particularly worth noting. The Central Bank of Taiwan has long held a conservative stance on cryptocurrency, and the Financial Supervisory Commission (FSC) has been slow in advancing the special law for virtual asset management (VASP Act). If the U.S. ultimately proves that a limited payment account system can foster innovation without sacrificing financial stability, it might provide a pragmatic middle-ground template for Taiwan's policy debate. The Fed's payment account proposal is more than just a technical regulatory adjustment—it represents the U.

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