Fed Proposes New Framework for Crypto & Fintech Firms’ Access to Payment Systems

On October 21, 2025, Federal Reserve Governor Christopher J. Waller proposed a new framework for payment accounts accessible by crypto and fintech firms. This move, announced at the Fed’s inaugural Payments Innovation Conference in Washington, introduces a ‘skinny’ master account concept. The proposal grants these businesses direct access to the Fed’s payment services, currently limited due to reliance on third-party banks.