The Federal Reserve is seeking public comment on payment accounts, which could allow crypto companies direct access to the central banking system.

The Federal Reserve is seeking public comment on the establishment of a special-purpose payments account. This account aims to provide eligible financial institutions, including crypto and fintech companies, with direct access to the central bank's payments system for clearing and settlement operations. Federal Reserve Governor Christopher J. Waller stated that the new payments account will support innovation and ensure the security of the payments system. Unlike traditional general-purpose master accounts, this account will not pay interest, will not have overdraft limits, and will have a balance cap, but its approval process will be streamlined. The 45-day comment period aims to respond to the evolution of payment methods and improve system efficiency.