Svmuu reported that on Tuesday, Trump signed an executive order titled "Integrating Financial Technology Innovation into the Regulatory Framework," directing the Federal Reserve to evaluate options allowing fintech and crypto companies direct access to the Federal Reserve's payment systems.
The order urges the federal government to eliminate overly burdensome policies on financial technology innovation and requires the Federal Reserve to conduct a comprehensive assessment of the regulatory framework governing non-bank companies' access to reserve bank payment accounts and services. Additionally, the order directs the Federal Reserve to clarify whether the 12 Federal Reserve Banks have independent legal authority to grant or deny access to payment accounts and services, and requires the Fed to submit a report to the President within 120 days. (theblock)