The Federal Reserve is seeking public comment on payment accounts, which could allow crypto companies direct access to the central bank system.

According to Odaily Planet Daily, the Federal Reserve is seeking public input on establishing a special-purpose payment account. This account aims to provide eligible financial institutions, including crypto and fintech companies, with direct access to the central bank's payment system for clearing and settlement operations.

Federal Reserve Governor Christopher J. Waller stated that the new payment account will support innovation and ensure the security of the payment system. Unlike traditional general-purpose master accounts, this account will not pay interest, will not have overdraft permissions, and will have a balance limit, but its approval process will be more streamlined. The 45-day public comment period aims to respond to the evolution of payment methods and improve system efficiency.