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The U.S. Congress discusses the Federal Reserve's "streamlining of the master account" and evaluates whether cryptocurrency and fintech companies can directly connect to the central bank's payment system

On Wednesday, the U.S. House Financial Services Committee held a hearing to discuss the changing roles of banks and fintech companies, with one focus being the "streamlined master account" proposal that the Federal Reserve is considering, which would allow certain crypto banks and fintech companies limited direct access to the Federal Reserve's payment system. A Federal Reserve master account allows financial institutions to directly use the Federal Reserve payment network and gain the most direct access to the U.S. dollar monetary system. Institutions without this account typically need to rely on partner banks that have master accounts to provide services.The so-called "streamlined account" is a limited-function version intended to provide limited access for new financial institutions. Republican Congressman Dan Meuser stated at the hearing that access to the Federal Reserve payment system is no small matter, and the core issue is which institutions should be allowed to directly use these critical payment channels. Traditional institutions like community banks are concerned that crypto and fintech companies are not subject to equally stringent regulation, and direct access could pose risks to security and stability. The crypto industry generally supports the proposal, arguing that direct access to the Federal Reserve payment system should have been opened long ago, as it would help reduce reliance on intermediary banks and promote innovation.In May of this year, Trump also signed an executive order requiring the Federal Reserve to assess policies for opening central bank payment channels to fintech companies, including crypto companies. Previously, the Kansas City Federal Reserve had approved Kraken's parent company Payward for a "limited purpose account" in March, sparking discussions in the market about the extent to which crypto and fintech companies should have direct access to Federal Reserve services. A representative from Anchorage Digital stated at the hearing that if the U.S. wants to continue as a global financial center, it needs to allow for innovative federal and state regulatory frameworks.

Blockchain data infrastructure company Cambrian has completed a $6 million seed round financing, led by Franklin Templeton and Polychain

Blockchain data infrastructure startup Cambrian has completed a $6 million seed round financing, led by Franklin Templeton and Polychain Capital, with participation from Flow Traders, Selini Capital, Paper Ventures, Nomad Capital, and others.Cambrian also previously secured $5.9 million in pre-seed financing led by a16z Crypto Startup Accelerator, bringing the total funding to $11.9 million. It is reported that Cambrian was established in 2024 and currently provides APIs for institutions and AI Agents, covering real-time and historical on-chain data such as yield, risk, lending rates, trading activity, liquidity positions, and market sentiment, helping users allocate capital on-chain.The company plans to expand its existing APIs into a verifiable blockchain data oracle network, serving institutional financial clients, AI Agent builders, and protocols that need reliable data to control the flow of funds. Unlike traditional oracles that mainly provide price data, Cambrian aims to aggregate lending protocol data, DEX liquidity, social sentiment, developer activity, and historical market data.According to Cambrian, its platform has processed millions of API calls, currently indexing approximately $4.5 billion TVL across four major lending protocols, tracking 1,789 vaults under 895 curators, and monitoring over 320,000 DEX liquidity pools on Base and Solana. The company also plans to expand trading data support, adding Hyperliquid and richer perpetual contract data.

The computing power market infrastructure company Ornn has completed a $33 million seed round financing, led by a16z Crypto

According to official news, the computing power market infrastructure company Ornn announced the completion of a $33 million seed round financing, led by a16z Crypto, with participation from Galaxy Ventures, Nordstar, and SV Angel, while Vine Ventures, Crucible Capital, Link Ventures, and Box Group continue to support.Ornn stated that a mature commodity market first requires reliable pricing data, which leads to price discovery, and price discovery then supports risk transfer, which in turn enables more efficient capacity allocation. The OCPI it launched is a transaction-based computing power index aimed at providing a unified and trustworthy price benchmark for settlement in the computing power market. Partners like ICE can promote risk transfer by directly referencing OCPI's futures and options contracts.Additionally, Ornn announced the launch of Ornn Compute, a physical capacity layer for the computing power market that can aggregate dedicated GPU capacity from multiple neoclouds onto a single platform, providing a unified access process, a secondary transfer market, and on-demand subleasing capabilities. Operators can obtain diversified demand from multiple tenants through a single underwriting contract, while buyers can view the sites, hardware configurations, and terms of the reserved clusters. This platform will make dedicated GPU capacity a liquid asset and allow previously idle capacity to be utilized.
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