President Donald Trump signed an executive order directing the Federal Reserve to review how financial technology companies can access payment accounts and services inside the U.S. banking system.
The order, signed on May 19, calls for regulators to examine existing rules that may limit fintech companies from working with federally regulated financial institutions or gaining broader access to traditional payment infrastructure.
Trump said the goal is to remove unnecessary regulatory barriers and help integrate digital assets and financial technology into traditional financial services and payment systems.
The White House described the order as a step toward making the United States the global leader in financial technology innovation. Officials said the move could help lower costs, increase competition and create more economic opportunities for American consumers and small businesses.
TRENDING TODAY
Under the order, financial regulators must review current regulations and identify rules that may block fintech firms from partnering with banks or entering the payment system more easily.
Regulators are expected to take action within 180 days based on the results of the review.
The Federal Reserve is also being directed to assess whether it has legal authority to give certain companies direct access to payment accounts and services. The review will include whether fintech companies could receive expanded access to Fed payment systems.
Trump also asked the Fed to evaluate whether the 12 regional Federal Reserve banks have the authority to independently decide whether to approve or deny access to payment accounts and services.
Supporters of the order say it could modernize America’s financial system and make it easier for fintech companies to compete with traditional banks.
Penny Lee, president and CEO of the Financial Technology Association, praised the order and said it could benefit Americans who use fintech tools to pay bills, transfer money and manage their finances.
She said the administration is taking meaningful steps to put consumers and small businesses first by expanding access to financial technology.
The order also comes as digital asset companies continue pushing for closer integration with the U.S. banking system.
In March, the Federal Reserve granted cryptocurrency exchange Kraken a master account, giving it direct access to U.S. payment infrastructure without relying on intermediary banks.
Kraken described the move as a major milestone for crypto infrastructure and regulated financial access.
The executive order is likely to increase debate over how far fintech and digital asset firms should be allowed into the traditional banking system.
Supporters argue that more access could reduce costs and encourage innovation. Critics may warn that regulators must still protect financial stability, cybersecurity and consumer safety.
For now, the Trump administration is signaling that fintech growth will be a major part of its economic agenda.
The Federal Reserve issued a proposed rulemaking on “skinny master accounts” that would allow eligible fintech and crypto firms to access the Fed’s payment system directly for clearing and settlement without going through a traditional bank.
The move follows Trump’s executive… pic.twitter.com/6wrHiN8no7
— TFTC (@TFTC21) May 20, 2026
