Trump orders fintech access review at Fed

Donald Trump signed an executive order directing US financial regulators to review whether fintech and crypto firms face unnecessary barriers accessing Federal Reserve payment systems and banking partnerships.

The order instructs the Federal Reserve to evaluate the legal and regulatory framework governing fintech and crypto access to payment rails and submit recommendations within 120 days.

Regulators were also asked to assess whether the Federal Reserve has authority to provide direct access to payment systems for eligible fintech and crypto firms while considering appropriate risk management requirements.

Federal Reserve payment systems provide access to core banking infrastructure that enables faster money transfers and reduces reliance on intermediary banks, though many crypto and fintech firms have struggled to secure banking relationships in recent years.

The executive order additionally directs federal financial regulators to review rules, guidance and supervisory practices that may discourage partnerships between fintech firms and regulated institutions including banks, credit unions, broker-dealers and investment advisers.

“The United States is a global leader in financial innovation,”

Trump wrote in the order.

“The federal government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems.”

He added.

The move continues the administration’s broader rollback of policies associated with crypto debanking and the so-called “Operation Chokepoint 2.0,” which critics argued pressured banks to limit services to crypto-related businesses.

The order also asks regulators to review whether application processes for bank charters, trust charters and federal licenses can be streamlined for fintech firms, following earlier approvals granted to crypto-focused trust bank applicants including Ripple, BitGo, Fidelity Digital Assets and Paxos.