President Donald Trump has signed an executive order directing the Federal Reserve Board to review the legal and regulatory barriers preventing fintech and crypto firms from accessing Federal Reserve payment systems. The order requires a report within 120 days on expanding direct access subject to appropriate risk management.
The move targets what critics call "Operation Chokepoint 2.0," where fintech companies faced debanking and loss of access to essential payment rails.
Additionally, federal financial regulators have 90 days to identify regulations blocking fintech partnerships with banks, credit unions, and broker-dealers. The order also directs streamlining applications for fintech firms seeking national bank or credit union charters.
In December, the Office of the Comptroller of the Currency conditionally approved crypto trust bank applications from Ripple, BitGo, Fidelity Digital Assets, Paxos, and First National Digital Currency Bank.