TLDR Tech / Fintech
Banks demand delays as crypto firms push for Fed payment access
Major US banking groups are urging the Federal Fed to delay or restrict direct payment system access for crypto and fintech firms, arguing stablecoin issuers should prove safety over a 12-month period before eligibility. Fintechs and crypto firms like Circle and Stripe say the proposed “skinny accounts” are too restrictive to be viable, setting up a high-stakes fight over control of the Fed's payments infrastructure as new stablecoin rules take shape.
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