Regulators intend to keep guardrails. According to public comments, only “legally eligible” entities would qualify. That phrase leaves open which corporate forms — for example, trust companies, state-chartered firms or other charter types — will be allowed.
Access to the Fed’s rails has long been limited to banks, which forced many fintech and crypto firms to rely on intermediary banks. Connecting directly, even in a limited way, could reduce steps in settlement and cut certain counterparty risks.
There is also context: the Fed withdrew earlier guidance on bank crypto activities this year — on April 24, 2025 — signaling a shift in tone toward integrating new players into payments.
At the same time, regulators and bank supervisors will still carry the burden of preventing fraud, illicit finance and operational breakdowns. Market participants are likely to watch how the Fed coordinates with the OCC and the FDIC on questions of charters and deposit insurance.
Featured image from Unsplash, chart from TradingView
