TLDR Tech / Crypto
Fed proposes "payment accounts" for crypto and fintech firms
The Federal Reserve has proposed a new "payment accounts" category for non-bank fintech and crypto firms, offering Fed access without discount window privileges, interest, or intraday credit, and capped at $1 billion. Public comments close July 27, Tier 3 master account applications remain frozen through December, and Congress is debating whether to legislate the framework.
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