President Donald Trump signed an executive order directing federal agencies to update regulatory frameworks for digital assets and fintech. The order aims to integrate innovative financial technology into existing payment systems. The executive action seeks to provide clearer guidance for non-bank financial firms entering the U.S. payment infrastructure.
Regulators to Identify Barriers and Promote Innovation
The order directs agency heads to examine existing rules, guidance, and documents that may impede fintech partnerships with federally regulated institutions. It instructs regulators to highlight measures that create unnecessary barriers for non-bank firms. Agencies must complete this review within three months and report their findings to the president. After the review, regulators have six months to implement steps that encourage innovation and improve access.
The White House states that these efforts are intended to make financial technology integration smoother and more efficient. Trump’s directive also instructs the Federal Reserve Board of Governors to assess how it grants payment accounts to uninsured depository institutions. It asks the twelve regional Federal Reserve banks whether they can act independently of the board to provide accounts.
This review could benefit Wyoming-based special-purpose depository institutions, including entities operating under similar frameworks. The order highlights that the Federal Reserve has already granted Kraken, a Wyoming SPDI, access to a limited version of a master account earlier this year. Other firms have requested similar account access under this structure.
Treasury and Banking Oversight Included
In addition to fintech access, Trump signed another order directing the Treasury Department and regulators to review Bank Secrecy Act compliance. This order focuses on how unregistered money-services businesses, third-party processors, and peer-to-peer platforms could facilitate off-the-books payments. The review also considers undocumented immigrants’ access to payment accounts and tax reporting obligations.
Rebecca Romero Rainey, CEO of the Independent Community Bankers of America, said, “Like activities should be subject to like regulation.” She added that federal officials must carefully assess stablecoin issuers, special-purpose depository institutions, and other crypto entities before expanding master account policies.
The combined executive orders aim to create a more structured and predictable regulatory environment for fintech firms. They also clarify which entities may access payment accounts and services. Regulators are now tasked with balancing innovation, oversight, and fair access across the financial system.
