Trump's Executive Order Targets Fintech Access to Fed Services
By John Nada·May 20, 2026·3 min read
Trump orders Fed to review fintech access to payments. Aim: boost innovation, reduce barriers, prevent debanking issues.
US President Donald Trump signed an executive order on Tuesday to review any barriers that might be stifling fintech innovation or preventing access to banking partnerships and payment rails. According to Cointelegraph, the order directs the Federal Reserve Board to evaluate the legal, regulatory, and policy framework governing fintech and crypto firms' access to Federal Reserve payment systems and submit a report to Trump within 120 days.
Access to Federal Reserve payment systems is crucial as it provides fintech and crypto companies with a gateway to core banking infrastructure. This access simplifies money movement and reduces dependence on intermediary banks. Yet, fintech and crypto firms often encounter significant hurdles, sometimes facing debanking scenarios under what has been dubbed “Operation Chokepoint 2.0.”
The directive mandates the Federal Reserve governors to assess their legal authority to grant direct access to payment systems for these firms. They are also instructed to explore options to expand such access, provided they are within legal constraints and adhere to risk management protocols. This move could potentially level the playing field for fintech firms traditionally sidelined from mainstream banking services.
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The order also addresses regulatory barriers that may prevent fintech firms from forming partnerships with federally regulated institutions like credit unions and broker-dealers. Over the next 90 days, the heads of each US federal financial regulator are tasked with reviewing relevant regulations, orders, and no-action letters. This review aims to pinpoint and recommend updates that could foster innovation and integrate digital assets into traditional financial services.
Trump's administration has been active in retracting policies blamed for crypto debanking. According to Cointelegraph, the Cato Institute observed that government pressure, more than individual bank policies, led to most debanking cases in the US.
Streamlining applications for bank, credit union charters is another facet of the executive order. Heads of federal financial regulators are asked to review documents that could simplify procedures for fintech firms seeking bank charters, deposit insurance, and other federal licenses. Notably, the Office of the Comptroller of the Currency recently conditionally approved five crypto-related national trust bank applications, indicating possible momentum in this direction.
This executive order could reshape how fintech and crypto firms interact with traditional financial systems. By potentially reducing bureaucratic friction, the industry might see more seamless integration of digital assets into existing structures. If successful, this could mark a significant shift in the financial landscape, potentially making headlines not just today but well into the future.