Trump's Fintech Order Reviews Federal Reserve Access Rules

President Donald Trump's recent fintech executive order has reopened a policy debate regarding direct access to America's core financial infrastructure. The order instructs regulators, including the Federal Reserve, to reassess the rules governing access to Federal Reserve payment systems such as Fedwire and FedNow. Currently, these payment rails are largely limited to federally insured banks, requiring fintech and cryptocurrency firms to rely on partner banks to move money through the system indirectly. The order does not remove these restrictions but directs regulators to evaluate whether frameworks built for a traditional banking era remain appropriate in a financial system increasingly defined by real-time payments and digital assets.

This regulatory review is relevant to Ripple, a company focused on blockchain-based infrastructure for cross-border payments and settlement. In 2025, one of Ripple's regulated entities applied for a Federal Reserve Master Account, which would permit direct access to central bank payment rails without relying on intermediary banks. The application remains under review with no indication of approval.

Trump's Fintech Order and Federal Reserve Access

The executive order does not single out any specific company. Instead, it instructs regulators to formally revisit long-standing boundaries between banks and non-bank financial innovators—boundaries that have remained largely unchanged for decades. The order's scope centers on reassessing whether current access frameworks align with modern financial infrastructure needs.

Ripple's Federal Reserve Master Account Application

Ripple submitted an application for a Federal Reserve Master Account in 2025. The company has been engaged in broader policy discussions around U.S. payment infrastructure readiness for modern financial technologies, including during congressional scrutiny of the Federal Reserve's operational readiness. The application status remains under review.