President Donald Trump signed two executive orders this week reshaping how digital assets connect to the US financial system. The first order, titled “Integrating Financial Technology Innovation into Regulatory Frameworks,” targets the rules blocking fintech and crypto firms from core banking infrastructure. Meanwhile, the second order, titled “Restoring Integrity to America’s Financial System,” updates Bank Secrecy Act rules and customer-identification requirements. Together, both actions push federal regulators to modernize a rulebook that crypto firms have long called outdated. Importantly, the orders also direct the Federal Reserve to evaluate granting non-bank financial companies direct access to its payment rails.
The White House signed the orders on May 19, 2026, with text and fact sheets published the same day. Notably, the actions arrived just two months after Kraken became the first crypto firm to secure a Fed master account. As a result, the timing suggests the administration wants to formalize and accelerate the trend. Both orders carry firm deadlines for agencies, which makes implementation a near-term issue. Readers should expect concrete regulatory output within the next six months.
Two MASSIVE Executive Orders signed by Trump today on Fintech and Digital Assets!
— Chad Steingraber (@ChadSteingraber) May 19, 2026
–Integrating Fintech and Digital Assets into Traditional Finance–
This order directs federal regulators to review and streamline rules to foster innovation and competition between fintech firms,… https://t.co/b0RKgVJDj8 pic.twitter.com/CT05NauY35
Inside the Fintech Integration Order
The first order sets a clear policy. Specifically, the federal government “must update regulations to allow integration of digital assets and innovative technology into traditional financial services and payment systems.” It directs heads of federal financial regulators to review existing rules, guidance, and supervisory practices. Additionally, the regulators must identify rules that excessively restrict cooperation between fintech firms and chartered financial institutions. The review window runs 90 days, and agencies then have 180 days to propose changes.
The order also pushes deeper into banking infrastructure. For example, it asks the Federal Reserve to determine whether uninsured depository institutions and non-bank financial firms can use Reserve Bank payment accounts and services. Furthermore, the directive explicitly names digital asset firms, novel financial firms, and instant payment companies as candidates. The Fed must deliver its evaluation within 120 days, including legal authority, risk controls, and impediments. Notably, the order also asks whether the 12 regional Reserve Banks may act independently on these applications.
The Master Account Question Gets a Federal Push
Federal Reserve master accounts give a bank direct settlement access through Fedwire and other core rails. However, the Fed has historically blocked novel charter holders from this infrastructure, citing risk concerns. For instance, Custodia Bank, a Wyoming special purpose depository institution led by Caitlin Long, was denied a master account in 2023. Meanwhile, Kraken won approval through the Kansas City Fed earlier in March 2026. As a result, that approval opened the door for Ripple, Anchorage Digital, and Wise, which all have pending applications.
The Kraken account, however, comes with limits. Specifically, the firm cannot earn interest on reserves or tap the Fed’s emergency lending facilities. These restricted versions are often called “skinny” master accounts. Now, this executive order pushes the Fed to formalize the criteria and assess broader access. Consequently, the policy could expand which crypto and fintech firms qualify, and on what terms.
Inside the Bank Secrecy Act Order
The second order takes a different angle, targeting financial crime tools rather than payment access. In detail, it directs the Treasury Secretary and federal financial regulators to issue guidance on customer identification under the 1970 Bank Secrecy Act. Banks must flag transactions tied to money laundering, terrorism financing, and labor trafficking risks. For instance, listed “red flags” include repetitive cash withdrawals, shell company structures, and use of an ITIN instead of a Social Security number when opening accounts. Additionally, regulators must propose stronger customer-due-diligence rules.
The order also calls out workaround channels. Specifically, the Treasury must examine the “strategic use of unregistered money services businesses, third-party payment processors, or peer-to-peer platforms” used to bypass reporting thresholds. Importantly, the final order stops short of earlier drafts. For instance, earlier proposals would have required banks to collect proof of citizenship from customers, which drew industry pushback. Instead, the order focuses on guidance for serving undocumented individuals without forcing banks to act as immigration agents.
Industry Cheers, Banks Push Back
Crypto executives welcomed the orders quickly. Notably, Coinbase Chief Legal Officer Paul Grewal posted that “outdated rules on payment access and third-party risk management favor incumbents at the expense of innovators.” Meanwhile, Custodia Bank CEO Caitlin Long thanked the White House for recognizing the Fed’s pattern of “blocking legally-eligible institutions from access to the US payment system.” Senator Cynthia Lummis said the order “puts the Federal Reserve on notice that it must follow the law and provide equal access to the payments system.” She also framed the change as ending privileged access for legacy banks.
Traditional banking voices reacted with caution. For example, the Independent Community Bankers of America argued the Fed should keep discretionary authority over master account decisions. Additionally, some analysts worry that broader access could expose the central bank to crypto market risk. However, the order does not strip the Fed of discretion outright. Instead, it requires transparency and a written evaluation of the rules, deadlines, and legal questions.
What Happens Next
The clock now runs on three tracks. First, federal regulators have 90 days to complete their initial rule review. Second, the same agencies have 180 days to propose measures that promote fintech and bank collaboration. Third, the Federal Reserve has 120 days to deliver its master account access report. As a result, observers should expect substantive policy proposals before the end of 2026. Furthermore, pending applications from Ripple, Anchorage Digital, and Wise will likely face the new framework directly.
The orders mark a clear escalation in the administration’s crypto agenda. Earlier this year, Trump created a Strategic Bitcoin Reserve and banned federal work on a US central bank digital currency. Now, the focus shifts from policy statements to plumbing. In short, this round targets the rules that decide who gets to plug into the US payment system. Consequently, the next six months may determine whether American crypto firms operate inside the banking core or remain on its edges.
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