US House committee reviews crypto firms' access to Fed payment system

The U.S. House Financial Services Committee held a hearing on allowing cryptocurrency and fintech companies direct access to the Federal Reserve's payment system, The Block reported. The discussion centered on the potential introduction of a so-called 'Skinny Master Account,' which would grant limited, direct access to certain financial institutions, including crypto-native banks. Republican Congressman Dan Meuser stated that access to the Fed's payment system is a critical issue, emphasizing the need for careful consideration regarding who should be granted direct access to this key infrastructure.