Federal Reserve proposes limited master accounts long pursued by crypto firms
The Federal Reserve proposed limited master accounts for crypto firms, allowing faster payment clearing without full banking privileges. These "skinny accounts" lack intraday credit and discount window access. Kraken already obtained such access in March. The proposal opens a 60-day comment period as Trump's executive order pushes the Fed to standardize payment account rules across regional banks.
Key takeaways
- 1Federal Reserve proposed limited 'skinny accounts' for crypto firms enabling faster payment clearing without intraday credit or discount window access.
- 2Kraken obtained limited master account access in March 2026; Fed now pausing regional bank applications pending federal rule completion.
- 3Trump's executive order directs Fed to standardize payment account rules across 12 regional banks; 60-day comment period now open.
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Why it matters
This regulatory framework could accelerate crypto firm banking access in India's evolving regulatory environment, setting precedent for lighter-touch banking services. Standardized Fed rules may influence global crypto banking norms that Indian regulators monitor when crafting domestic policy.
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