Lawmakers Debate Fed 'Skinny Accounts' for Crypto and Fintech Firms After Trump Executive Order

U.S. lawmakers are debating whether cryptocurrency and fintech firms should be granted limited direct access to the Federal Reserve through so-called skinny accounts. According to NS3.AI, the proposal has prompted dozens of letters, with support from the crypto industry and concerns from community banks about safety. The discussion follows an executive order issued later in May by U.S. President Donald Trump directing the Federal Reserve to evaluate access to payment rails for fintech firms, including crypto companies.