Executive order gives SEC, CFTC, OCC, FDIC 90 days to review rules blocking crypto banking access. Fed master account access is key. Truth Social withdraws ETF filings same day.
U.S. President Donald Trump signed an executive order directing federal agencies to review policies that restrict crypto and fintech firms from accessing the banking system. The order gives the SEC, CFTC, OCC, and FDIC 90 days to identify rules that “unduly impede” partnerships between fintechs and regulated institutions. It also asks the Federal Reserve to consider granting direct access to Reserve Bank payment accounts for uninsured depository institutions and non-bank digital asset companies.
The move opens a concrete regulatory timeline for crypto firms that have struggled to maintain banking relationships after the 2023 bank failures and the subsequent “Operation Chokepoint 2.0” narrative. The order stops short of forcing the Fed to act. A separate action by Trump’s own Truth Social to withdraw Bitcoin ETF filings raises questions about the administration’s internal coherence.
The executive order sets a government-wide policy to “streamline regulatory processes, reduce unnecessary barriers to entry, and encourage collaboration between fintech firms, federally regulated financial institutions, and Federal financial regulators.” The definition of fintech is broad, covering firms that provide any financial service related to digital assets, blockchain infrastructure, payment processing, custodial services, lending, brokerage, or securities market operations.
Agencies must review supervisory practices and policies that block fintech firms from entering partnerships. The review also targets application processes for federal approvals, including bank charters and deposit insurance.
The OCC, FDIC, SEC, and CFTC each have separate deadlines. The FDIC’s historical reluctance to grant pass-through deposit insurance for crypto custodians is a specific target. The Wyoming special purpose depository institutions (SPDIs), which hold digital assets and cannot obtain FDIC insurance, are named as a type of entity that could benefit from streamlined access.
The most consequential provision involves access to the Federal Reserve’s payment infrastructure. The order asks the Board of Governors of the Federal Reserve to consider granting direct access to Reserve Bank payment accounts and services to uninsured depository institutions and non-bank financial companies that deal in digital assets. Currently, only insured depository institutions can hold a Fed Master Account, which gives them direct settlement access to the payment system.
The order also directs the Fed to review legal barriers to such access and establish “transparent application procedures” if current law allows it. It adds that the Fed should make decisions within 90 days of applications being completed.
Wyoming SPDIs like Kraken’s bank (which has a state charter but no Fed Master account) have been denied access by regional Fed banks. The Denver Fed rejected Kraken’s application in 2023, citing supervisory concerns. The EO suggests the White House wants to override that reticence. The Fed is structurally independent. The Board of Governors can set policy, regional banks have discretion over individual applications.
Coinbase (COIN) has lobbied aggressively for a national bank charter and a Fed Master account. The exchange currently relies on Silvergate Bank and Signature Bank relationships, both of which were destabilised in 2023. Direct Fed access would eliminate counterparty risk from a single bank. Coinbase’s Alpha Score is 24/100 (Weak), reflecting market concerns about revenue concentration and regulatory overhang.
Other beneficiaries include Ripple (via its planned RLUSD stablecoin), Circle (issuer of USDC), and Paxos. For stablecoin issuers, Fed access would allow direct settlement with banks, making USDC more competitive against Tether (USDT) in the U.S. market.
Hours after the executive order was signed, Trump’s own Truth Social (a separate entity from the Trump campaign) withdrew SEC filings for three crypto ETFs: a Bitcoin ETF, a dual Bitcoin-Ethereum ETF, and a crypto blue chip ETF. The move contradicts the order’s pro-crypto tone and suggests internal friction or legal concerns.
Truth Social has not explained the withdrawal. The filings were initially submitted in late 2024 and were seen as a way for retail investors tied to the Trump brand to gain crypto exposure. The withdrawal came on a day when Bitcoin was down 0.77% and NVDA (a proxy for crypto-mining chip demand) was also flat.
Senator Elizabeth Warren has been the most vocal opponent of banking access for crypto firms. She has questioned the OCC’s approvals for crypto bank charters, including those for Ripple and Coinbase. Warren’s staff released a statement hours after the EO, calling it “Wall Street’s gift to crypto insiders.”
The order attempts to preempt that critique by framing fintech access as a matter of financial innovation and global competitiveness. Warren’s position could gain traction if a crypto bank fails and the Fed points to the order as having pressured it to approve access.
The next concrete catalysts are:
Bottom line for traders: The executive order is a directional signal with high execution risk. The 90-day clock creates a binary catalyst: either the reports lead to concrete rule changes, or they produce only aspirational language. The Fed Master account provision is the highest-stakes item. The Fed’s independence means the White House cannot force it. Watch for the Fed’s initial response within the next 30 days. Treat all agency reports as preliminary until Congress acts.
Prepared with AlphaScala research tooling and grounded in primary market data: live prices, fundamentals, SEC filings, hedge-fund holdings, and insider activity. Each story is checked against AlphaScala publishing rules before release. Educational coverage, not personalized advice.