Federal Reserve opens up master account access to banks with 'novel charters,' in win for crypto and fintech

08/15 23:19

According to The Block, on August 15, the Federal Reserve announced that it had finalized new guidelines on reserve banks considering offering master accounts to new institutions. Master accounts are a critical link in the US (and international) financial chain; without them, financial servicers are dependent upon intermediary banks that have them. The new guidelines effectively standardize consideration for master accounts for firms with "novel charters." The finalization follows an extensive comment period, which the Fed noted as featuring a vocal response from "institutions with novel charters, such as cryptocurrency custody banks, and their trade associations."

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