The US Federal Reserve proposed creating restricted fee accounts that might give legally eligible fintech and crypto-linked banks narrower entry to its fee rails with out the backstops out there to conventional banks.
The proposal was released on Wednesday via a Federal Reserve Board request for remark and see of proposed rulemaking, referring to “skinny grasp accounts” for nonbank monetary establishments.
The Fed additionally inspired regional Reserve Banks to pause choices on Tier 3 account-access requests whereas it finishes the rulemaking, a step employees stated is predicted to finish by Dec. 31, 2026.
Supply: Eleanor Terrett
“The non permanent pause will enable the Federal Reserve to solicit and contemplate public enter on fee accounts and to advertise constant implementation,” the announcement stated.
The transfer highlights ongoing regulatory stress over crypto entry to US fee methods following President Donald Trump’s executive order calling for broader fintech and digital asset integration, whereas the Fed maintains a extra cautious strategy.
Tier 3 pause anticipated to finish by Dec. 31
The Fed expects its non permanent pause on Tier 3 grasp account purposes to finish on or earlier than Dec. 31, according to a Board memo.
The memo additionally provided an inventory of “pending account requests” from Tier 3 establishments as of Feb. 28, 2026. The record included corporations corresponding to Kraken Monetary, the banking arm of cryptocurrency alternate Kraken.
Kraken was later granted a limited-purpose master account by the US Federal Reserve Financial institution of Kansas Metropolis in early March 2026. The financial institution accredited the entry particularly below a Tier 3 classification.
Trump order and limits on direct Fed entry by crypto
The crypto trade has lengthy pursued entry to Fed grasp accounts as a method to join extra on to the US fee system.
The most recent proposal doesn’t give crypto exchanges direct entry, though there may be broader political help for increasing fintech and digital asset entry to the monetary system.
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At the same time as Trump’s government order signaled help for wider fintech and digital asset integration, direct entry to grasp accounts would nonetheless be unavailable to crypto exchanges. As a substitute, companies would want to function via an affiliate that qualifies as an eligible depository establishment below the Federal Reserve Act, in line with Eleanor Terrett.
Supply: Eleanor Terrett
The idea of “skinny” fee accounts was first introduced in October by Federal Reserve Governor Christopher Waller and was additional developed via policy discussions in early 2026.
In contrast to grasp accounts, the proposed fee accounts could be restricted to clearing and settlement solely. They’d not earn curiosity or present entry to central banking instruments such because the low cost window or intraday credit score.
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