Waller signals Fed’s shift toward embracing crypto, proposes ‘skinny master account’ for payment innovators
The Block
Fed Governor Waller signaled the Fed is embracing crypto and proposed a 'skinny master account' for payment innovators.Summary
Federal Reserve Governor Christopher Waller announced a shift in the Fed's stance toward cryptocurrency, stating that the DeFi industry is now welcomed into the conversation about the future of U.S. payments, a significant change from previous skepticism. Waller also proposed a new concept called a "payment account," nicknamed a "skinny master account," aimed at entities innovating in payments. This account would offer basic Federal Reserve payment services directly to eligible institutions that currently rely on third-party banks for master accounts, providing access to Fed payment rails while imposing limitations like no interest on balances and potential balance caps to manage risk and balance sheet impact.
(Source：The Block)