Fed Proposes ’Skinny Accounts’ for Fintech and Crypto Firms to Access Payment Infrastructure
The Federal Reserve is considering a radical shift in financial infrastructure access. Its new proposal would allow fintech firms and cryptocurrency companies limited use of the central bank's payment systems through 'skinny accounts'—a move that could reshape how non-bank institutions settle transactions.
These restricted accounts WOULD let eligible firms bypass traditional banking intermediaries, accessing Fed systems directly for clearing and settlement. Governor Christopher J. Waller framed the initiative as balancing innovation with systemic safety: 'This supports payment evolution while maintaining safeguards.'
The accounts come with built-in risk controls—no interest accrual, no credit access, and strict size limits. For crypto firms long relegated to banking's sidelines, this could signal growing institutional recognition, though operational details remain undefined.
