U.S. Congress Debates Direct FRB Access for Cryptocurrency Firms Amid Rising Risk Controversy

Congressional Debate on Direct FRB Access for Cryptocurrency Companies

The U.S. Federal Reserve Board (FRB) is considering a proposal for limited payment accounts ('skinny accounts') aimed at cryptocurrency and fintech companies. On the 24th, the House Financial Services Committee held a hearing to discuss the associated risks and regulatory approaches.

Skinny accounts (or skinny master accounts) are accounts that allow financial institutions direct access to the FRB's payment systems. These accounts...