Bitcoin (BTC): Only good news

The board of directors of the American Federal Reserve (FED) has just communicated a certain number of directives. They concern crypto banks wishing to secure access to the main account. This publication comes more than a year after the banks in question initiated requests to standardize the main account opening applications. These directives are in fact a set of specifications that cryptocurrency deposit organizations will have to respect. Through these guidelines, the FED demonstrates its flexibility vis-à-vis crypto companies and new businesses wishing to access global payment channels.

New FED Guidelines on Master Account Access

US Crypto Community Relishes New FED Guidelines

More than a year after the introduction of requests from some American crypto banks for standardize main account opening applications, the FED comes out of silence. It has in fact just communicated a set of guidelines explaining how she intended to go about review bank reserve account applications. It should be noted that all institutions that have a main account with the FED have direct access to its payment systems.

It is for this reason that companies must necessarily rely on banks with a main account. Crypto banks can relish, as their willingness to end intermediary partnerships with traditional financial institutions takes shape. Admittedly, these FED guidelines do not have a legal constraint, but they serve as a framework to follow for crypto banks in search of standardization.

The guidelines are reassuring, but the content remains imprecise

Although reassuring, the new FED directives remain evasive on certain points. For example, when it comes to the exam, the FED does not clearly say what it will look like. Moreover, we ignore the time it will take to evaluate a request. This vacuum raises reservations, especially since the FED took almost a year to respond to requests from crypto banks. Julie Hill, a law professor in Alabama, makes a harsh observation in this regard. She believes that these directives are not very different from the previous ones.

A sentiment that the former CFTC lawyer From Waal do not necessarily share. For him, the essential is elsewhere, because as the directives stipulate: “The Board believes that the final Account Access Guidelines will provide a solid framework for analyzing and mitigating risk.” Clearly, De Waal thinks these guidelines on bitcoin and crypto banks are good news.

The absence of certain details in the directives shows that many things remain to be perfected and the FED is aware of this. This is at least what emerges from the analysis of michelle bowman, member of the FED Board of Directors. She warns : “There is still work to be done before a process is established to fully implement the guidelines. There is a risk that this publication creates the expectation that the examination of these applications will henceforth be carried out within an accelerated timeframe. »


In the end, the FED responded to requests from US crypto banks wishing to access the main account. It has established six principles with which potential candidates must comply. The only downside remains the vagueness of the content of the directives in question. For example, Tier 3 candidates will need to be carefully assessed, but it’s unclear what this will actually entail. We understand that it’s a long process that has just started, so we will have to be patient for the next phase.

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