The Fed and Donald Trump are integrating cryptocurrencies into the payment system
The U.S. Federal Reserve (Fed) has updated a proposal announced last December, introducing a new project for creating "skinny" master accounts. Simultaneously, President Donald Trump signed an executive order envisioning broader integration of digital assets with existing payment networks. These steps are expected to accelerate the crypto industry's entry into the federal financial system. This is reported by Coindesk.com reports .
The executive orders signed by Donald Trump task the government with updating current regulations and integrating cryptocurrencies into payment systems. Additionally, the Treasury Department and regulators have been instructed to strengthen oversight under the Bank Secrecy Act (BSA). These measures are aimed at combating illegal cross-border financial activities and tax evasion.
The updated proposal from the Fed allows fintech and crypto companies to access the central bank's payment infrastructure without needing a full banking license. The document details the procedures for these institutions to access payment systems. However, full implementation of this process may require the creation of an appropriate legislative framework by the U.S. Congress.
Under the new order, regulators will review rules that prevent fintech firms from partnering with regulated entities. Member banks of the Fed will evaluate the possibilities of independently providing payment accounts to uninsured depository institutions. This could be a turning point in connecting crypto-assets with the traditional economy.
