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Crypto firms press Fed to make payment accounts more like master accounts

Crypto firms press Fed to make payment accounts more like master accounts

Coinbase and Anchorage Digital backed wider Federal Reserve payment-system access for non-banks but said proposed payment-only accounts need interest, workable limits and broader functionality, including FedACH access, to be commercially useful.

Fact Check
The primary Coinbase-official source (Faryar Shirzad's July 28, 2026 post) directly confirms all three elements of the claim: interest-bearing balances, workable overnight limits tailored to payments needs, and risk-based oversight. Cryptobriefing and coinness independently corroborate the renewed push for payment-only Fed accounts for non-banks. Minor discrepancy exists over the timing of the Fed proposal (December vs May 2026) among secondary reports, but this does not affect the core claim.
Summary

Coinbase and Anchorage Digital said the Federal Reserve’s proposed payment-only accounts for non-bank or certain financial institutions would fall short of existing master accounts unless the framework is expanded. Coinbase argued in a February 5 response to a Fed consultation that so-called skinny master accounts need interest-bearing balances, workable overnight limits and oversight focused on operational risk rather than traditional bank-style credit or liquidity metrics. Anchorage Digital, in comments reported July 29, said the proposed Payment Account would not be a practical substitute for a master account, warning that limits on FedACH access would leave firms under greater scrutiny while still dependent on intermediaries for routine payments and settlement.

Terms & Concepts
  • master accounts: Federal Reserve accounts that give eligible institutions direct access to central bank payment services.
  • FedACH: The Federal Reserve's electronic payments system used for routine payment and settlement processing.
  • operational risk: Risk of losses or disruptions caused by cyber incidents, outages, system failures or compliance problems.