Conflict Between Cryptocurrency Banks and Regional Banks Over the US FRB's Proposed Simplified Master Account

The US Federal Reserve Board (FRB) proposed a 'Simplified Master Account,' which, by the deadline of February 7th, received about 30 comments. The submissions reveal a conflict between cryptocurrency banks and regional banks over whether non-traditional financial institutions should be connected to the US payment system. A master account allows financial institutions direct access to the Federal Reserve's payment systems, providing the most direct access to the US money supply. Institutions without a master account must rely on affiliated banks that possess one to provide services. The FRB is advancing financial innovation...