Fed’s Master Account Move Could Unleash a Crypto Gold Rush — Are Ripple and Anchorage Next Big Winners?
Ever wondered if the Federal Reserve might just hand crypto firms a VIP pass to the financial highways, skipping the usual toll booths? Well, buckle up—because that moment might be closer than you think. The Fed is cooking up a fresh idea: limited-access master accounts. These aren’t your everyday bank accounts; think of them as express lanes directly to the Fed’s payment rails, reserved for select fintech and digital asset companies like Ripple and Anchorage. For years, these players have been knocking on the Fed’s door, and this proposal could finally roll it open, cutting out the middlemen and shaking up the way digital payments flow. It’s a bold move that could redefine access and speed in the financial ecosystem—curious how this could reshape the landscape? Let’s dive deeper. LEARN MORE
New Fed proposal aims to give fintech and digital asset firms direct payment rail access, bypassing traditional banking partners.
Key Takeaways
- The Federal Reserve has proposed a new category of limited-access master accounts for eligible financial institutions.
- Crypto-related firms such as Ripple and Anchorage could gain direct access to Fed payment infrastructure under this proposal.
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Federal Reserve Governor Chris Waller said at the Payments Innovation Conference today that the central bank is exploring a new limited-access master account framework, which would enable eligible financial institutions to access the Fed’s payments rails without going through intermediary banking partners.
The proposal was first reported by Crypto in America host Eleanor Terrett. The new “master account lite” framework could benefit firms such as Custodia Bank and Kraken, which have sought Federal Reserve master accounts for years.
Custodia Bank’s Federal Reserve master account application was previously rejected, prompting the bank to initiate legal proceedings over access issues.
The framework may also accelerate pending applications from companies, including Ripple and Anchorage, which submitted their requests earlier this year.
A Fed master account is a bank’s main account with the Federal Reserve. It lets institutions send and receive payments, settle transactions, and hold funds directly with the Fed, something usually limited to regulated banks and similar institutions.
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