Fed to Open Door to Crypto Banking in ‘Trump’s Revenge’
Federal Reserve Governor Chris Waller introduced the central financial institution is proposing a brand new sort of limited-access grasp account for all eligible establishments to obtain direct entry to the Fed’s fee rails.
The announcement was made on the Federal Reserve’s Payment Innovation Conference on Oct. 21.
The new “skinny grasp account” system would allow crypto-banks and main exchanges direct entry to Fed fee methods with out requiring companion banks.
“The Fed is shortly shifting to destroy industrial banking in the US,” said outspoken BitMEX co-founder Arthur Hayes.
“This is Trump’s revenge for debanking his household.”
More Leeway For Crypto Companies
Under the brand new system, any legally eligible establishment might get hold of one underneath present authorized necessities, which might open doorways for fintechs, stablecoin issuers, and crypto corporations to entry Fed companies immediately, explained Crypto in America host Eleanor Terrett.
“This is a giant deal for corporations like Custodia Bank and Kraken, which have spent years attempting to get a Fed grasp account, with Custodia even taking the Fed to court docket.”
It might additionally pace access for corporations like Ripple and Anchorage, which utilized this yr, she added.
Banks are “in all probability not thrilled” about Governor Waller’s speech this morning, mentioned senior analysis fellow David Beckworth.
“It’s greater than hope,” replied Custodia Bank CEO Caitlin Long, who added that “it’s a quick manner for banks to future-proof their companies by bringing bank-grade tokenization infrastructure in an environment friendly manner.”
WHAT IF A TOKENIZED DOLLAR might change its stripes from a tokenized financial institution deposit (TD) to a #stablecoin & again & forth, because it strikes between holders? What if a financial institution might ship wallets & custody immediately into the core of the banking system, concentrating on not simply the $291bn… pic.twitter.com/ywE9jEVM3n
— Caitlin Long
(@CaitlinLong_) October 20, 2025
In June, the Fed stated that it was eliminating “reputational danger” as a supervisory device for banks, which might probably pave the way in which for crypto corporations which have confronted challenges in coping with banks.
AI-Powered Future
In addition to the brand new account bulletins, there was additionally plenty of speak about “agentic commerce” on the occasion.
In a panel led by Matt Marcus, CEO of Modern Treasury, ARK Invest’s Cathie Wood commented on the earlier administration’s hostile method to blockchain innovation.
She additionally joined a dialogue with Alesia Haas, CFO at Coinbase, Emily Sands, Head of A at Stripe, and Richard Widmann, Head of Strategy at Google Cloud, on the advances of AI brokers in finance and fee platforms.
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