The U.S. Federal Reserve has officially requested public comment on a proposal to establish a new type of payment account that may allow certain crypto firms to access the Fed's clearing and settlement systems.
The central bank wrote in its Wednesday statement that it has received an increasing number of requests for access to the Fed's payment services from institutions that are not federally insured.
"The proposed payment account would be tailored to support innovation by serving the clearing and settlement needs of certain eligible institutions while also mitigating material risks to the Reserve Banks and payment system," the statement said.
Under the Federal Reserve Act, Federal Reserve banks currently have the authority to approve or deny applications for access to the Fed accounts. Qualified applicants are generally licensed depository institutions.
The proposed account is "substantially similar" to the proposal introduced in December 2025, the Fed said. Under the proposal, account holders would have access to payment services with automated controls, but would not receive intraday credit, access to the discount window, or interest on balances held at the Fed.
