Trump directs the Federal Reserve to assess granting master account access to crypto companies

Odaily Planet Daily reported that Trump signed an executive order on Tuesday titled "Integrating Financial Technology Innovation into the Regulatory Framework," directing the Federal Reserve to evaluate plans allowing fintech companies and crypto firms direct access to the Fed's payment systems.

The order urges the federal government to eliminate overly burdensome policies on financial technology innovation and requires the Fed to conduct a comprehensive assessment of the regulatory framework regarding non-bank companies' access to reserve bank payment accounts and services. Additionally, the order clarifies whether the 12 Federal Reserve Banks have the independent legal authority to grant or deny access to payment accounts and services, and requires the Fed to submit a report to the President within 120 days. (The Block)