U.S. President Donald Trump has signed a broad executive order that tells federal regulators to review banking restrictions on crypto and fintech firms within 90 days. The order also asks them to look into whether the 12 Federal Reserve banks can independently give payment account access to digital asset companies.
The order aims to modernize the U.S. financial system by integrating digital assets and blockchain technology into traditional banking and payment systems. It tells agencies such as the U.S. Securities and Exchange Commission, the Commodity Futures Trading Commission, the OCC, and the FDIC to identify any policies that might unfairly prevent fintech and crypto companies from working with federally regulated banks.
A key part of the order focuses on access to the Federal Reserve’s payment system. Trump asked the Federal Reserve Board to review how uninsured depository institutions and non-bank crypto firms can get Reserve Bank payment accounts and services. The review will also look at whether the 12 regional Federal Reserve banks have the authority to approve these applications on their own.
This change could especially help Wyoming-based special-purpose depository institutions (SPDIs), including crypto-focused companies seeking access to Federal Reserve master accounts. Earlier this year, Kraken reportedly got limited access to these services through the Federal Reserve Bank of Kansas City.
The executive order also tells regulators to make it easier for fintech companies to get banking charters, deposit insurance, and other federal approvals. However, the administration stressed that protecting consumers, maintaining financial system stability, and preserving market integrity remain top priorities.
This announcement comes as political debate over crypto banking access is growing. Senator Elizabeth Warren and other critics have often warned against granting additional banking privileges to crypto firms, citing financial risks and oversight concerns.
The order was issued just as Trump-linked Truth Social withdrew several proposed crypto ETF filings with the SEC, including investment products related to Bitcoin and Ethereum.
Even so, this latest executive action shows that the Trump administration plans to keep pushing for closer ties between crypto firms and the traditional financial system.
BREAKING: Trump Signs Executive Order To Review Banking Restrictions Against Crypto Firms
The order reportedly pushes regulators and the Fed to review how crypto firms access payment rails and banking services – a move many see as a major step toward integrating crypto deeper… pic.twitter.com/vhqfqLK7l9
— 3.0 TV (3verseTV) (@reallive3tv) May 20, 2026
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