President Donald Trump signed an executive order Tuesday, calling on the Federal Reserve to review rules that may be stifling financial innovation, including expanding fintech access to Fed payment rails.

Trump Orders Fed To Examine Master Account Access

The order asks the Fed to join other regulators in reviewing policies that could support fintech growth. 

It also calls on the Fed to examine its approach to granting access to payment accounts and services, and to consider options for expanding such access to fintechs and other non-bank firms.

People often compare Fed master accounts to bank accounts for banks because they let holders move funds directly through the Federal Reserve's payment system.

Access to master accounts by non-traditional financial firms has drawn increasing attention at the Fed as several fintechs have applied or plan to seek access.

Kraken Already Won Fed Master Account In March

Crypto exchange Kraken was granted a Fed master account in March, giving it access to the central bank’s wholesale payments system, Fedwire, and the ability to hold limited balances overnight.

Crypto firms Ripple (CRYPTO: XRP), Anchorage Digital, and fintech money transfer company Wise also hope to win master accounts, according to public information. 

The Fed previously signaled it will open its payment rails to more crypto and fintech firms.

In December, the Fed sought feedback on a potential new type of payment account with restrictions similar to those imposed on Kraken’s account, signaling broader access could be coming for the crypto industry.

XRP Consolidates At $1.36 After Pullback From $1.50

XRP price has pulled back into a significant demand zone between $1.33 and $1.40 where substantial buying interest accumulated during March and April’s base-building phase.

The short-term EMA structure has turned bearish with both the 20 EMA at $1.4087 and 50 EMA at $1.4120 sitting above current price as active resistance. 

This is the first time since the April breakout that price has traded below these two moving averages simultaneously.

Support sits at $1.33 to $1.36 demand zone then $1.3296 Supertrend. 

Resistance holds at $1.41 to $1.42 EMA cluster then $1.4834. Invalidation occurs on a daily close below $1.3296.

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