Crypto Market Soars as Fed Unveils New Payment Access for Fintech and Blockchain Companies

A surge in the cryptocurrency market was triggered by Federal Reserve Governor Chris Waller’s proposal for a new payment account framework aimed at easing access for fintech and blockchain companies to the U.S. central bank’s financial infrastructure. Waller suggested creating specialized accounts that would function similarly to Fed master accounts but with restricted permissions and reduced risk exposure. This proposal could significantly simplify how crypto payment firms, such as Ripple and stablecoin issuers, connect to the Fed’s systems, removing the need for full banking licenses and reliance on third-party intermediaries.