温馨提示：本站仅提供公开网络链接索引服务，不存储、不篡改任何第三方内容，所有内容版权归原作者所有
AI智能索引来源：http://www.bee.com/ar/65912.html
点击访问原文链接

The Battle for the ‘Gatekeeper’ Role in the Fed’s Payment System: Institutional Game Between Traditional Banks and the Crypto World | Bee Network

进入原网站 导航首页
The Battle for the ‘Gatekeeper’ Role in the Fed’s Payment System: Institutional Game Between Traditional Banks and the Crypto World | Bee Network Login الأخبار الشائعة منصة إطلاق ميمي وكلاء الذكاء الاصطناعي ديسي مستكشف السلسلة الأعلى لنوبي 100x عملات معدنية لعبة النحل المواقع الأساسية يجب أن يكون لديك التطبيق مشاهير التشفير ديبين الناشئين الأساسية كاشف الفخ الأدوات الأساسية المواقع المتقدمة التبادلات أدوات NFT أهلاً، خروج عالم الويب 3 ألعاب تطبيق خلية نحل منصة النمو إعلان يبحث إنجليزي إعادة شحن العملات تسجيل الدخول تحميل ويب 3 يوني ألعاب تطبيق خلية نحل إعلان بيت•تحليل•The Battle for the ‘Gatekeeper’ Role in the Fed’s Payment System: Institutional Game Between Traditional Banks and the Crypto World The Battle for the ‘Gatekeeper’ Role in the Fed’s Payment System: Institutional Game Between Traditional Banks and the Crypto Worldتحليلمنذ 3 أسابيع发布وايت 6٬487 12 Original Author: Emily Mason and Evan Weinberger, Bloomberg

Original Compilation: Peggy, BlockBeats

Editor’s Note: The rules for accessing the U.S. payment system are at a critical juncture. The banking industry wants to continue guarding the gateway to the Federal Reserve to prevent bank runs and regulatory disorder, while تشفير and fintech companies seek to bypass bank intermediaries and gain direct access to the core clearing system. Disagreements over stablecoin yields, account permissions, and regulatory responsibilities are intertwined, escalating this institutional debate. The focus of the controversy is no longer a specific account design, but rather who has the right to directly enter the core of the U.S. payment infrastructure.

The following is the original text:

The banking industry has officially stated its opposition to directly opening the Federal Reserve’s payment system to crypto and fintech companies, further escalating the controversy over “who has the right to control the core gateway to the U.S. payment infrastructure.”

The Bank Policy Institute, the Clearing House Association, and the Financial Services Forum laid out detailed arguments in a joint comment letter, calling for a mandatory 12-month waiting period before entities become eligible to apply for payment accounts. These lobbying groups specifically argued that the Fed should not grant system access to newly licensed stablecoin issuers until they can demonstrate safe and sound operations. These arguments could form the basis for escalating the conflict if the dispute moves to the courts.

At the heart of the debate is whether to allow direct access to the Fed’s payment “pipes,” a privilege long monopolized by the banking system. Currently, crypto and fintech companies still rely on partner banks to gain access to payment rails and compliance infrastructure like anti-money laundering monitoring. The proposed “skinny account” could potentially allow stablecoin issuers and payment companies to bypass bank intermediaries and connect directly to the Fed system.

The banking groups argue that a prerequisite for such accounts should be that applicants have at least 12 months of “successful and safe and sound operations.” They noted that the Fed lacks sufficient experience with many potential applicants and also lacks direct supervisory authority over most of them. Furthermore, although the Genius Act was signed into law by the President in July of this year, a specific regulatory framework for stablecoin operators has not yet been fully implemented.

In a joint comment letter submitted on February 6, the Bank Policy Institute, the Clearing House Association, and the Financial Services Forum stated that while the proposal includes some important safeguards for the financial system, it does not necessarily protect against potential runs on newly licensed institutions.

The financial regulatory watchdog group Better سوقs warned that the overall momentum may not be on the banks’ side. “The Fed’s payment account arrangement is highly likely to move forward regardless of objections,” Better Markets CEO Dennis Kelleher wrote in a comment. The public comment period closed last Friday.

To preempt these concerns and proactively comply with the forthcoming rules of the Genius Act, a large number of fintech and crypto companies have begun applying for national trust bank charters, with some explicitly stating that their ultimate goal is to apply for a master account with the Federal Reserve.

As early as 2022, the Federal Reserve introduced a tiered review framework to evaluate master account applications. Anchorage Digital Bank, which holds a national trust bank charter, recently applied as a “tier 3” entity, a category typically subject to the strictest scrutiny. The American Bankers Association has argued that master account access should be limited to entities designated as “tier 1,” directly supervised by federal banking regulators, and holding federal deposit insurance.

The banking organization also stated that the new payment accounts should not be used as a “stepping stone” to master accounts, which should always be obtained through a separate application process.

Circle and Anchorage, however, believe the proposed “skinny accounts” are too rigid and restrictive in design. For example, the current proposal does not allow account holders access to FedACH, a payment system that processes trillions of dollars in transactions annually. When Fed Governor Christopher Waller first proposed the account concept last year, he said skinny accounts would not offer overdraft protection or access to the discount window for funding. Circle noted in its comment letter that opening FedACH to payment accounts depends on establishing corresponding control mechanisms to prevent overdrafts.

Federal Reserve Governor Christopher Waller at a Federal Reserve Board public meeting in Washington, D.C., U.S., on October 24, 2025. Photographer: Al Drago / Bloomberg.

The Financial Technology Association also criticized the overnight balance cap. Set at $5 billion or 10% of total assets (whichever is lower), the association argued this limit is too harsh for established payment companies that often process tens of billions of dollars in transactions daily.

Anchorage pointed out that if this cap remains, account holders would be forced to sweep excess funds into partner bank accounts overnight at the end of each business day. Anchorage also added that payment account holders should be able to earn interest on their balances in the Fed’s reserve accounts.

This debate unfolds alongside another highly sensitive issue: whether crypto trading platforms like Coinbase Global Inc. should be allowed to offer users yield incentives tied to their stablecoin balances. Currently, Coinbase Global Inc. offers a 3.5% yield to users holding USDC. The banking industry believes this practice could “siphon” deposits away from the traditional financial system, threatening bank deposit bases. It is this disagreement that has slowed the progress of related legislation.

It is reported that the White House has intervened to coordinate negotiations and hopes to push for a resolution on this issue by the end of this month.

However, these concerns did not become the central focus of the comments regarding the “skinny account.”

Financial stability advocates and banking groups also warned that the proposed accounts exceed the Fed’s statutory authority and could pose significant systemic risks.

The financial regulatory group Better Markets stated bluntly in its comment letter: “The proposal itself clearly shows that the Fed is aware that institutions currently and potentially applying for payment accounts pose enormous risks to the Federal Reserve System and the broader financial system. That is precisely why almost the entire proposal revolves around risk mitigation.”

Original Link

هذا المقال مصدره من الانترنت: The Battle for the ‘Gatekeeper’ Role in the Fed’s Payment System: Institutional Game Between Traditional Banks and the Crypto World

Related: DeFi Platform Also ‘Joins the System’—Why Is Trump’s WLFI Draping Itself in the Garb of a National Bank?

On January 12, the Trump family-affiliated project World Liberty Financial (WLFI) launched its lending platform, World Liberty Markets. Previously, on January 7, WLFI announced that its subsidiary WLTC Holdings LLC had submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish World Liberty Trust Company, National Association (WLTC), a national trust bank specifically designed for stablecoin operations. The USD-pegged stablecoin USD1, issued by WLFI, saw its circulation exceed $3.4 billion within a year (CoinMarketCap data), becoming one of the faster-growing USD-pegged stablecoins. Through the federal regulatory system and the liquidity lending market, WLFI is not only seeking use cases for USD1 but also attempting to break down the walls between TradFi and DeFi. USD1 Total Market Cap Curve and Chain Distribution | Source: DeFiLlama…

 

تحليل #عملة # المشفرة# السوق© 版权声明المصفوفة 上一篇 The Most "Money-Throwing" KOL, MrBeast, Sets His Sights on Teenagers' Digital Wallets 下一篇 Matrixdock Expands Gold Token XAUm to Solana, Bringing Institutional-Grade Tokenized Gold into the High-Performance Public Chain Ecosystem 相关文章 Delysium and UCL Software Systems Engineering Team Collaborate to Create a New Era of Open, Autonomous, Multilingual, and Cost-Effective AI Programming 6086cf14eb90bc67ca4fc62b 15٬160 1 NEO Ignites the Robotics Race: A Review of Potential Robotics Projects 6086cf14eb90bc67ca4fc62b 17٬597 A review of popular Web3 education projects 6086cf14eb90bc67ca4fc62b 16٬459 حارStory White Paper Interpretation: More Than Just a Story 6086cf14eb90bc67ca4fc62b 35٬717 3 مُبلّغ عن الرواية الجديدة، مراجعة الدورة الفائقة لميمكوين 2024 6086cf14eb90bc67ca4fc62b 37٬823 3 Trump mediated, Iran and Israel ceasefire, the Federal Reserve hinted at a rate cut, and the crypto market reversed over 6086cf14eb90bc67ca4fc62b 28٬333 بدون تعليقات يجب عليك تسجيل الدخول لتترك تعليق! تسجيل الدخول على الفور بدون تعليقات... أحدث المقالات UniSat Releases Phase Updates and Upgrades, Continuously Building the Bitcoin Ecosystem منذ 1 يومًا 1٬517 Jack Dorsey’s Company: 4,000 White-Collar Workers Are Being Replaced by AI منذ 1 يومًا 1٬400 Latest Stablecoin Report: Real Distribution and Flow Are Far More Important Than Supply منذ 1 يومًا 1٬322 Sui DeFi’s “Three-Engine” Revolution: How New Capabilities, New Assets, and New Programs Are Building the Future of On-Chain Finance? منذ 1 يومًا 1٬253 On-chain Investigator ZachXBT Confirms: Axiom Employees Exploited Internal Privileges for Insider Trading منذ 1 يومًا 1٬142 المواقع الشعبيةTempoLighterGAIBطائرة شراعيةبلانكرايلزبوكر BCPokerفوي Bee.com أكبر بوابة Web3 في العالم الشركاء كوين كارب بينانس CoinMarketCap كوين جيكو كوين لايف الدروع قم بتنزيل تطبيق Bee Network وابدأ رحلة web3 ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة تحميل تطبيق Bee Network وابدأ رحلة web3 أكبر بوابة Web3 في العالم الشركاء CoinCarp Binance CoinMarketCap CoinGecko Coinlive Armors ورق ابيض الأدوار التعليمات © 2021-2026. جميع الحقوق محفوظة. سياسة الخصوصية | شروط الخدمة يبحث يبحثفي الموقععلى تشيناجتماعيأخبار العنوان: صيادو الإنزال الجوي تحليل البيانات مشاهير التشفير كاشف الفخ العربية English 繁體中文 简体中文 日本語 Tiếng Việt 한국어 Bahasa Indonesia हिन्दी اردو Русский العربية

智能索引记录