U.S. President Donald Trump signed an executive order Tuesday directing regulators to study whether crypto and fintech firms should get direct access to Federal Reserve payment accounts, placing renewed pressure on the central bank’s control over who can connect to the U.S. payment system.

The order asks federal financial regulators to review rules, guidance, supervisory practices, and application processes that may limit fintech firms’ ability to partner with regulated institutions or seek bank charters, deposit insurance, licenses, and other approvals.

“The Federal Government must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems,”…