The Bank Policy Institute, Clearing House Association, and Financial Services Forum submitted a joint letter opposing direct Federal Reserve payment system access for cryptocurrency and fintech firms without a proven 12-month operating history. The groups criticized proposals for 'skinny accounts' that would let stablecoin issuers and payment companies bypass traditional banks, warning of potential systemic risk. They advocate excluding stablecoin issuers until they demonstrate safety and stability, as regulators continue debating safeguards for integrating digital asset firms into core financial infrastructure.