Trump orders review of crypto payment rules

TLDR

Donald Trump has signed an executive order telling U.S. regulators and the Federal Reserve to review rules that limit crypto firms access to core dollar payment systems.

1. The order instructs the Fed and banking agencies to study barriers that keep fintech and crypto from Fed payment accounts and rails and to propose clearer application rules.
2. Crypto firms like Ripple, Kraken, Coinbase, Circle and Wyoming SPDIs could gain more direct access to Fedwire, FedNow and ACH, but only through regulated structures with strict safeguards.
3. The impact depends on upcoming Fed rulemaking, public comments, and political pushback from regulators and bank lobbies that fear risk from granting crypto closer access to the banking core.

Deep Dive

1. What Trump Actually Ordered

Trump signed an executive order titled Integrating Financial Technology Innovation into Regulatory Frameworks, directing the Federal Reserve and other financial regulators to review how fintech and digital asset firms access payment systems and bank services. Reports note that the Fed must assess whether uninsured depository institutions and non-bank digital asset firms should get Reserve Bank payment accounts, and set transparent application procedures with decisions within 90 days on complete applications, while agencies have 90 days to review their own rules that may block partnerships with such firms. This is framed as removing outdated regulations that favor incumbents and slow integration of digital assets into traditional payments, according to detailed summaries of the order and its timelines in coverage from TradingView and Bitcoinist.

2. How It Could Change Crypto Payments

For years, crypto firms have relied on intermediary banks, which made them vulnerable to de-banking and slower settlement. The order puts directly on the table whether some crypto linked entities can get Fed master or specialized payment accounts, giving them direct access to Fedwire, FedNow and other rails. Coverage highlights that firms like Ripple, Kraken Financial, Coinbase and Circle are seen as top candidates, with Ripples payments and stablecoin plans singled out as likely beneficiaries if it can secure a Fed account. At the same time, the Fed is only proposing narrow skinny payment accounts that exclude credit, interest and other backstops, as outlined in recent Fed rulemaking previews and press analysis.

3. What To Watch Next And Key Risks

Several timelines now matter. The Fed has roughly 120 days to report on whether and how digital asset firms can use core payment infrastructure, and its skinny account proposal is out for a public comment period, with Tier 3 applications from novel crypto banks paused until at least late 2026. Banking trade groups and figures like Senator Elizabeth Warren are already signaling opposition, arguing that expanded access could endanger financial stability and AML enforcement. Industry reaction is mixed but generally sees this as a structural win, provided final rules are not so restrictive that they become unusable.

Conclusion

Trumps order does not itself change crypto payment rules, but it forces the Fed and other regulators to revisit how and whether crypto firms can plug into the core dollar plumbing. If that process results in workable payment accounts for vetted digital asset institutions, crypto payments could become faster, cheaper and less dependent on fragile banking relationships, though strong safeguards and political resistance may significantly limit who benefits and how far the opening goes.