Trump instructs the Federal Reserve to assess granting cryptocurrency companies access to master accounts

On Tuesday, Trump signed an executive order titled "Incorporating Financial Technology Innovation into the Regulatory Framework," directing the Federal Reserve to assess proposals that would allow fintech companies and cryptocurrency firms direct access to the Federal Reserve's payment systems.

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