Federal Reserve Board Member Announces Plans to Introduce 'Simplified Accounts' for Crypto Banks by End of 2026

On February 10, Federal Reserve Board (FRB) Governor Christopher Waller announced at an event hosted by the Global Interdependence Center that the FRB plans to introduce a 'simplified master account' system for non-traditional financial institutions by the end of 2026, as reported by multiple media outlets. Amidst a stagnation in the legislative development for the U.S. cryptocurrency market, the FRB is independently pushing forward with efforts to expand access to its payment systems. The simplified master account will feature a restricted setup where account balances do not earn interest and funds cannot be borrowed through discount windows.