Despite fierce resistance from conventional banks, the Fed is moving forward with plans to grant direct access to its payment systems to cryptocurrency exchanges and financial technology companies.

In late 2025, the Fed suggested customized “payment accounts” at the request of Fed Governor Christopher Waller. By allowing qualified non-bank companies to process payments directly through government platforms like FedNow and Fedwire, these streamlined accounts would do away with the need for full banking licenses.

Banks push back against proposed rules

Under the proposal, companies would face several limits designed to protect the financial system. Account holders could not earn interest, have no access to emergency lending…