President Donald Trump on Tuesday issued an executive order directing the Federal Reserve and other federal regulators to evaluate expanding payment system access for fintech and digital asset firms as part of a wider administration effort to reduce regulatory barriers to financial services.
The order, titled “Integrating financial technology innovation into regulatory frameworks,” instructs federal agencies to review rules, guidance, and licensing processes that may impede fintech innovation or partnerships with regulated financial institutions.
Agencies including the SEC, FDIC, OCC, CFPB, CFTC, and NCUA have 90 days to identify reforms and 180 days to begin encouraging innovation through regulatory changes.
The administration said the current system imposes fragmented and burdensome oversight that advantages incumbent financial firms.
The directive applies to a wide range of fintech activities, including payment platforms, lending technology, digital banking, blockchain services, brokerage operations, investment management, and digital asset businesses.
