America is preparing for a breakthrough in the banking cryptocurrency revolution — the Fed is opening the doors in fast-track mode

For years, cryptocurrency banks have fought against an almost insurmountable obstacle: the inability to obtain a main account at the Federal Reserve. Institutions like Custodia, holding state licenses, have unsuccessfully sought access to federal payment systems, all under the guise of protecting the stability of the banking system. Today, this scenario could undergo a radical change.

The New Fed Plan Changes the Rules of the Game for Innovative Financial Institutions

Federal Reserve Board member Christopher J. Waller proposed a solution that could break the impasse that has lasted for years. Instead of traditional main accounts, which provide full access to the Fed’s payment network along with all privileges, Waller developed an intermediary concept — so-called “payment accounts” operating in an expedited mode.

Such accounts would offer cryptocurrency banks access to the Federal Reserve’s payment systems, which is crucial for conducting activities at the national level. At the same time, they would lack certain privileged rights: they would not generate interest income, would not provide access to Fed loans, and would likely be subject to certain balance limits. This hybrid structure aims to balance innovation with system security.

Public Consultations Will Set a New Direction

The Federal Reserve officially announced that it is implementing a public consultation process regarding this idea. The feedback period will last 45 days — a short time signaling an urgent approach to the issue. “These new payment accounts will support innovation while maintaining the security of the payment system,” Waller said in a media statement.

The central bank clearly emphasized that the proposed solution should not be confused with full main accounts. The differences are significant and conditional — but their implementation alone would mark an epochal moment for the cryptocurrency sector in the United States.

Why This Matters for the Future of the Industry

Over the past decade, banking authorities have taken a conservative approach to integrating digital assets into the financial system. However, the changing political climate — including the new presidential administration — creates new opportunities. Waller, as one of the leading candidates for the future Federal Reserve chairmanship, shows a willingness to modernize the Fed’s approach to cryptocurrencies.

If this plan is implemented, it could lead to a rapid growth of crypto banking in America. Institutions that have waited in line for years for official access to the system would finally receive a pass to operate legally within the country.

In this context, the expedited procedures for banks focusing on digital innovation are not just bureaucratic changes — they could serve as a preamble to a complete redefinition of the relationship between the traditional banking system and the cryptocurrency ecosystem.