The U.S. Federal Reserve outlines limited payment account access for cryptocurrency companies, excluding key banking privileges.
The Federal Reserve has proposed offering cryptocurrency firms access to limited master accounts, a scaled-back version of services provided to traditional banks. These accounts would grant payment services but exclude intraday credit, the discount window, and interest on balances held at reserve banks.
Crypto firms like Coinbase Global ($COIN) have long sought access to the Fed’s payment rails to reduce costs and streamline settlements. The proposal follows Kraken’s March approval for a limited master account, though that was granted by a regional Fed bank and not federally overseen. Industry reactions remain uncertain, with some labeling the proposal as “skinny accounts.”
Bitcoin ($BTC) holds steady at $77,200 amid the announcement, with no immediate market reaction reported.