The US Federal Reserve to simplify bank account access for crypto firms
The US Federal Reserve (Fed) intends to launch 'skinny master accounts' for cryptocurrency companies this year, according to Fed Governor Christopher Waller.
This decision by the regulator is related to the fact that more comprehensive rules for the cryptocurrency market in the US are still in limbo. The simplified bank accounts will allow crypto companies to gain direct access to the Fed's payment system, while the legislation in this area continues to be discussed.
Waller noted that the 'skinny' accounts will have fewer requirements compared to standard bank accounts. This should simplify the account opening procedure for crypto companies and reduce risks for the Fed.
The accelerated introduction of 'skinny' accounts is an attempt by the regulator to find a compromise between the need to provide crypto companies with access to the banking system and the lack of clear rules for the digital asset industry. This decision could be an important step towards more comprehensive regulation of cryptocurrencies in the US.