Fed Considers Payment Accounts for Crypto Access

The U.S. Federal Reserve, led by Governor Christopher J. Waller, announced plans for ‘payment accounts’ granting crypto and fintech firms direct access to Fed payment rails, revealed at the Payments Innovation Conference on October 21, 2025.

This initiative represents a potential pivot in fintech regulation, possibly reshaping operational frameworks for digital asset companies, yet lacking immediate industry feedback or implementation details.

Introduction

The U.S. Federal Reserve is examining a novel “payment account” model which could grant direct access to crypto and fintech firms. Christopher J. Waller , a Federal Reserve Governor, announced the initiative at a recent financial conference.

Christopher J. Waller plays a key role in this initiative. The proposed payment account aims to change the current system by allowing eligible crypto companies access to central bank payment rails, broadening their operational capacities.

The potential for direct access could significantly reshape how crypto and fintech entities interact with banking systems. This may reduce dependency on third-party banks, enhancing operational efficiency.

This move signifies a broader embrace of financial technology innovation by the Fed, possibly affecting regulatory frameworks. It highlights the evolving landscape of U.S. financial systems within the crypto sector.

Direct payment account access could influence market liquidity and capital flow within the crypto sector. Established crypto companies could see reduced operational bottlenecks. The impact on legal compliance and risk management remains under exploration.

Access to central payment infrastructure may advance technological integration between traditional banking and digital sectors. Historical attempts by crypto banks experienced regulatory hurdles. However, the new blueprint reflects ongoing industry adaptation efforts.

I believe we can and should do more to support those actively transforming the payment system. To that end, I have asked Federal Reserve staff to explore the idea of what I’m calling a ‘payment account.’ — Christopher J. Waller, Governor, U.S. Federal Reserve