Crypto companies in Wyoming, which operate as special purpose depository institutions, might soon be able to directly access the Federal Reserve system. This has been a long-standing goal for these businesses.
President Trump recently signed an order that could allow cryptocurrencies and financial technology firms greater access to the US banking system.
The Fed’s Role Under Scrutiny
As a crypto investor, I’m watching closely as the government is now asking the Federal Reserve to consider whether crypto companies – specifically those without traditional deposit insurance – should be able to directly connect to the same payment systems as regular banks. Basically, they’re debating if crypto firms should have the same access to financial infrastructure as everyone else, and it could really impact how easily we can buy, sell, and use digital assets.
The request also asks the Federal Reserve to investigate any legal obstacles preventing access and, if the law permits, establish a straightforward application process. The Fed would then have 90 days to make decisions on those applications.
This action is part of a broader effort to reshape financial policy. On Monday, President Trump signed an order directing federal regulators to revise existing rules, making it easier for cryptocurrency and financial technology companies to collaborate with traditional banks and financial institutions.
This order aims to reduce obstacles for new financial technology companies and promote collaboration between them and traditional banks regulated by the government.
Breaking news: President Trump has signed an executive order that could significantly impact crypto and fintech companies’ access to the U.S. banking system, potentially opening it up to these businesses.
The Federal Reserve has been given 120 days to investigate if companies dealing with digital assets – like cryptocurrencies – should be allowed to use the same banking systems as traditional large banks.
— Bitinning (@bitinning) May 20, 2026
Agencies Given 90 Days To Act
Financial regulators like the Securities and Exchange Commission, Commodity Futures Trading Commission, Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corp are being asked to take action. They’ve been instructed to examine their existing rules over the next 90 days, specifically looking at anything that might prevent fintech companies from partnering with traditional banks and financial institutions.
Officials are considering ways to simplify the process for fintech companies to obtain bank licenses, deposit insurance, and other necessary federal approvals. However, this review must prioritize protecting consumers, maintaining a fair market, and ensuring the financial system remains stable – it shouldn’t sacrifice these important safeguards for the sake of faster approvals.
As an analyst, I’m seeing that this new order takes a very wide view of what ‘fintech’ actually means. It essentially includes any company involved in the digital asset space – that’s everything from building the underlying blockchain technology, to handling payments, securely storing digital assets, and even traditional financial services like lending and brokerage. It really encompasses the whole spectrum of modern financial market operations.
A Broader Shift In Policy Direction
This decision differs sharply from Senator Elizabeth Warren’s proposals to restrict banks from working with cryptocurrency firms. While Warren wants stricter rules, Trump’s order is taking a different approach.
Interestingly, on the very day the order was signed, Donald Trump’s media company, Truth Social, withdrew its applications with the Securities and Exchange Commission for several Bitcoin-related investment funds – including one for Bitcoin, one combining Bitcoin and Ethereum, and another focused on established cryptocurrency companies. This action seemed out of step with the administration’s efforts to integrate cryptocurrency more fully into the traditional financial system.
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2026-05-21 03:04