President Donald Trump’s May 19 executive order on fintech regulation does not grant Ripple the Federal Reserve access it has been seeking. It does, however, put that question squarely inside a formal policy review, asking whether digital-asset and other non-bank financial firms should be able to connect more directly to Federal Reserve payment accounts and services under clearer rules.
Trump Fintech Order Reopens Fed Access Debate
The executive order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” sets a broad policy direction for federal agencies to reassess how fintech firms fit into the U.S. financial system. “The United States is a global leader in financial innovation, driven in part by the rapid growth of financial technology firms. These firms provide innovative services and solutions that enhance access to financial products and services and create economic opportunity for all Americans.” The order says federal policy should streamline regulatory processes, reduce unnecessary barriers to entry, and encourage collaboration among fintech firms, regulated institutions, and federal financial regulators.
The most consequential provision for crypto firms is Section 4, which requests that the Federal Reserve evaluate the framework governing access to Reserve Bank payment accounts and payment services. The order specifically includes uninsured depository institutions and non-bank financial companies engaged in digital assets, novel financial activities, or direct participation in real-time payment networks. “The FRB is requested to conduct a comprehensive evaluation of the legal, regulatory, and policy framework governing access to Reserve Bank payment accounts and payment services by uninsured depository institutions and non-bank financial companies, including those engaged in digital assets and other novel financial activities,” the order states. It asks the Fed to submit findings, options, and recommendations within 120 days.
That timing points to a report around Sept. 16, 2026, while other federal financial regulators are required to review rules, guidance, supervisory practices, and application processes within 90 days and act within 180 days. The order asks the Fed to assess its legal authority to expand access, identify impediments, consider risk-management requirements, and examine whether the 12 regional Reserve Banks can independently grant or deny applications. If existing law permits expanded access, the order requests transparent procedures and decisions on complete applications within 90 days.
Ripple’s Master Account Bid Moves Into Spotlight
Ripple is among the clearest digital-asset firms affected by the policy debate. Reuters reported on July 2, 2025, that Ripple had applied for a U.S. national bank charter and that Brad Garlinghouse, Ripple’s CEO, said the company had also applied for a Federal Reserve master account. Reuters reported that such an account would give Ripple access to Fed payment infrastructure and could allow it to hold reserves for RLUSD, its dollar-backed stablecoin, directly with the central bank.
Ripple’s banking push later advanced through the Office of the Comptroller of the Currency. On Dec. 12, 2025, the OCC conditionally approved national trust bank charter applications for First National Digital Currency Bank and Ripple National Trust Bank, alongside conditional approvals involving BitGo, Fidelity Digital Assets, and Paxos. Final approval is still required before those institutions can operate. Ripple has framed the trust bank effort as part of its RLUSD compliance strategy, saying a national trust bank managing RLUSD reserves would place the business under both NYDFS and OCC oversight. Garlinghouse described the conditional approval as a “massive step forward” and said Ripple was seeking the “highest standard” for stablecoin compliance.
The master account question remains separate and unresolved for Ripple. A Fed master account is the account relationship that allows eligible institutions to settle directly with a Federal Reserve Bank. Reuters reported in November 2025 that Stuart Alderoty, Ripple’s chief legal officer, viewed the Fed’s narrower “skinny” account concept favorably. “I think it’s an attractive idea,” Alderoty said, while also indicating that access to a master account would be the most efficient way to move in and out of Treasury or dollar assets. The Fed’s December 2025 payment-account proposal described a limited account that would not pay interest, would not provide Fed credit, and would be subject to balance caps.
The broader access debate is no longer theoretical. Kraken said on March 4, 2026, that its Wyoming-chartered bank had received a Federal Reserve master account, making it the first U.S. digital asset bank to gain direct access to Fed payment infrastructure. Reuters reported that Kraken’s access is limited-purpose, initially approved for one year, and does not provide the full range of privileges available to traditional banking institutions. Custodia Bank remains the cautionary precedent: after applying in October 2020 and litigating over access, it saw the Tenth Circuit deny rehearing en banc in March 2026, leaving in place a ruling that Reserve Banks retain discretion over master account applications.
Trump’s order does not determine the outcome of Ripple’s Fed access bid, nor does it require the central bank to approve crypto firms for master accounts. It does place the legal and policy issues behind those applications into a structured review, with Ripple’s RLUSD reserve strategy, Kraken’s limited-access precedent, and Custodia’s litigation all now forming part of the same regulatory conversation.
AI Transparency Note: This article was prepared with the assistance of an AI system based on the sources listed and was reviewed, edited, and approved by a human editor before publication. All quotes, data points, and factual claims are intended to be grounded in the cited source material; however, errors cannot be ruled out entirely.