The next fight in U.S. crypto policy is not about whether a token is a security. It is about who gets to plug directly into the dollar payment system. On May 19, President Trump signed an executive order telling the Federal Reserve to revisit whether crypto and fintech firms should get more direct access to its payment rails.
That matters because rails like Fedwire let institutions move dollars directly, instead of routing everything through a partner bank. For crypto firms, that is a big deal. Their banking relationships have often been unstable, especially for dollar deposits and withdrawals.
Kraken’s Wyoming bank, Kraken Financial, said in March that it became the first U.S. digital asset bank with a Federal Reserve master account, giving it a direct connection to Fedwire without an intermediary bank. Now the question is whether others could follow.
If more crypto firms get that access, moving dollars could become faster and less dependent on outside banks. In plain English: fewer middlemen, fewer weak links, and a tighter connection between crypto platforms and the U.S. banking system.