U.S. Federal Reserve Seeks Public Comment on 'Simplified Master Account' for Crypto Businesses

On the 19th, the Federal Reserve Board (FRB) announced that it is soliciting public comments on a 'Payment Account' proposal that would provide limited access to central bank settlement services for eligible institutions, including those related to cryptocurrencies. Informally referred to as a 'Simplified Master Account,' the FRB has published a request for information regarding this scheme. Governor Christopher Waller stated in a declaration, 'This new payment account will support innovation while maintaining the safety of the payment system.' In October, Mr. Waller presented this concept, noting that it would have certain restrictions on interest and overdraft privileges.