Fed's New Accounts: Crypto Applauds, Banks Caution

Crypto News Regulation

Fed’s ‘Skinny Master Accounts’ Plan Splits Crypto Firms and Banks

Written by Aaron S.,

Editor-In-Chief

Last Updated: February 09, 2026

Key Takeaways

The Fed reviewed 44 comments on limited-access accounts for fintech firms, with crypto groups in favor and banks urging caution;
Circle and Anchorage backed the plan and said the new accounts could strengthen payments, but still need fixes on limits and access;
The proposal sets strict balance caps, removes interest, and blocks clearing house access for firms that use these accounts.

Stop overpaying - start transferring money with Ogvio. Sign up, invite friends & grab Rewards now! 🎁

Fed’s ‘Skinny Master Accounts’ Plan Splits Crypto Firms and Banks

BITDEGREE IN YOUR SOCIAL FEED

The Federal Reserve asked the public to comment on a plan to allow certain fintech firms to open limited-access accounts at the central bank.

These accounts are known as “skinny master accounts", and they would connect firms to parts of the Fed’s payment system.

The Fed received 44 comments before the February 6 deadline. Most crypto companies supported the plan. However, banking groups warned against moving ahead without stronger safeguards.

What is Yield Farming in Crypto? (Animated Explanation)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

The Fed introduced the proposal in December 2025. Governor Christopher Waller said the new type of account was needed because payment systems change quickly. He said the goal was to support new ideas while protecting the broader payments system.

Several crypto firms urged the Fed to move forward. Circle said the accounts would “play an important first step in carrying forward Congress’ vision under the GENIUS Act” and would “materially strengthen US payments".

Anchorage Digital Bank also supported the idea but said the Fed should fix “specific deficiencies". Anchorage cited concerns about balance limits, interest rules, and access to the Fed’s Automated Clearing House.

The Fed suggested an overnight balance limit set at the lower of $500 million or 10% of a firm’s total assets.

It also said that these accounts would not earn interest and would not have access to the Fed’s clearing house, which handles same-day and international payments.

South Korea’s Financial Supervisory Service (FSS) plans to tighten its reviews of the crypto market in 2026. What did the agency say? Read the full story.