The order requires the Federal Reserve, Consumer Financial Protection Bureau, Securities and Exchange Commission, Commodity Futures Trading Commission, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and National Credit Union Administration to complete their regulatory reviews by mid-August.
The Federal Reserve faces the most specific mandate: submit a report within 120 days evaluating its legal authority to extend direct access to Federal Reserve payment accounts for non-bank financial companies, including digital asset firms. If existing law permits such access, the Fed must create transparent application procedures and render decisions within 90 days of receiving complete applications.
"The Federal Government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems," Trump stated in the order. The directive also calls for removing "overly burdensome and fragmented regulations and supervisory practices that form barriers to entry and primarily benefit incumbent financial services firms."
The Fed and crypto firms
