Cryptocurrency Firms Seek Federal Reserve Master Accounts Amid Optimism

According to BlockBeats, three cryptocurrency-native companies, including WisdomTree Digital Trust, Standard Custody & Trust Company, and Commercium Financial, have applied for master accounts with the Federal Reserve. This move indicates a renewed optimism in the market regarding the possibility of the Federal Reserve easing its stance on allowing digital asset companies access to its payment channels. WisdomTree and Standard Custody are notable as they are New York State-chartered trust companies regulated by the New York State Department of Financial Services (NYDFS). However, under current federal definitions, it remains unclear if they qualify for master accounts, which require deposit authorization or insurance from the Federal Deposit Insurance Corporation (FDIC). Some industry observers speculate that these companies might be anticipating an executive order from U.S. President Donald Trump, directing the Federal Reserve to grant unrestricted master account access to fintech and digital asset companies. It is reported that the Trump administration has been considering this move for several months.