tldr; The Federal Reserve is advancing a plan to introduce ‘skinny’ master accounts, now called ‘payment accounts,’ for crypto banks. These accounts would allow access to the Fed’s payment rails but lack features like interest generation and Fed credit. The initiative aims to support innovation while maintaining payment system safety. Public comments on the proposal are open for 45 days. This marks a shift in the Fed’s cautious stance on crypto banks, potentially enabling their national operation and expanding crypto banking in the U.S.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Odd-Radio-8500 on
This is definitely a step in the right direction, especially compared to the outright rejection we had before.
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tldr; The Federal Reserve is advancing a plan to introduce ‘skinny’ master accounts, now called ‘payment accounts,’ for crypto banks. These accounts would allow access to the Fed’s payment rails but lack features like interest generation and Fed credit. The initiative aims to support innovation while maintaining payment system safety. Public comments on the proposal are open for 45 days. This marks a shift in the Fed’s cautious stance on crypto banks, potentially enabling their national operation and expanding crypto banking in the U.S.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
This is definitely a step in the right direction, especially compared to the outright rejection we had before.
^(!tip 1)
Step by step in the right direction.
🍩 !tip 1