The House Financial Services Committee on Wednesday debated whether crypto and fintech firms should get direct access to the Federal Reserve’s payment system through so-called skinny master accounts.
What A Skinny Master Account Actually Unlocks
Fed Governor Christopher Waller floated the skinny master account concept back in October.
A full master account gives an institution direct access to the Fed’s payment infrastructure, the deepest connection to the US money supply any financial firm can get.
Crypto companies currently lack that access entirely, forcing them to route everything through partner banks that already hold one, adding cost and delay to every transaction.
