The U.S. Federal Reserve has proposed guidelines that would give “novel types of banking charters” access to the Fed’s payments rails.
The central bank invited public comment on the guidelines for the next 60 days.
The “Account Access Guidelines for the Reserve Banks” would have direct bearing on Wyoming special purpose depository institutions (SPDIs), said U.S. Sen. Cynthia Lummis. SPDIs are custodian banks for digital assets that provide safekeeping and fiat on-ramps. Access to Fed payments has long been a talking point for SPDI proponents.
“Today’s announcement from the Federal Reserve is a major step toward promoting responsible innovation in our banking system,” the Wyoming Republican said in a press release. The guidelines "recognize that access to our payment system is a privilege, not a right, and that there are basic safety and soundness standards that all banks, including Wyoming’s special purpose depository institutions, must meet. “
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.