Trump Executive Order Orders Review of Fintech Access to Payment Systems

President Donald Trump has signed an executive order directing federal financial regulators to review rules that may restrict digital asset and financial technology companies from accessing the nation's payment systems. The order, issued on May 19, initiates a significant review aimed at integrating new financial technologies into the traditional banking framework.

The directive gives regulators 90 days to examine existing rules, guidance, and application processes. It calls for identifying barriers that limit partnerships between fintech firms and traditional financial institutions like banks and credit unions. A key focus is a review by the Federal Reserve to evaluate whether nonbank financial companies, including those involved with digital assets, can access central bank payment accounts and services.

The order states that the federal government must update regulations to allow the integration of digital assets and innovative technology into traditional financial services. It also calls for the removal of burdensome regulations that may create barriers to entry. Caitlin Long, founder and CEO of Custodia Bank, expressed support for the action, thanking the president for...