Executive order requires federal regulators to review rules within 90 days, potentially expanding Fed payment system access for digital asset firms.
U.S. President Donald J. Trump signed an executive order Tuesday mandating federal financial regulators to review and update rules for digital assets and fintech integration. The order targets regulatory barriers that limit partnerships between fintech firms and federally regulated institutions, with a 90-day deadline for initial findings and 180 days to promote innovation based on results.
The Federal Reserve must evaluate within 120 days whether it has legal authority to grant non-bank financial companies, including crypto firms, direct access to Federal Reserve payment accounts. If permitted, the Fed must establish transparent application procedures. Other agencies, including the SEC, CFTC, and OCC, are also required to participate in the review.
The order aims to streamline regulatory frameworks, potentially broadening access to critical financial infrastructure for digital asset companies. No immediate market reaction was specified in the directive.