Christopher Waller says the Fed aims to roll out a streamlined master account framework by year-end, highlighting disagreements between crypto firms and community banks on nontraditional access to payment systems.
Federal Reserve Governor Christopher Waller announced that the Fed plans to implement a simplified master account framework by the end of this year. The revised design would remove interest on balances and exclude discount window loan access. The proposal has drawn differing views, with crypto firms advocating broader access for nontraditional institutions, while community banks express concern about risks. The master account structure governs direct access to Federal Reserve payment systems.