U.S. Congress Weighs Risks of Fed's 'Streamlined Account' for Crypto and Fintech Firms

CoinFeed June 25 news, according to The Block reported, the U.S. House Financial Services Committee held a hearing on Wednesday to discuss the Fed's proposal to offer 'streamlined accounts (i.e., streamlined master accounts)' directly accessing the central bank payment system to crypto and fintech companies. Currently, the crypto industry generally supports the proposal, while community banks are concerned about security measures and the lack of equivalent regulatory compliance for new types of financial institutions. At the hearing, Congressman Dan Meuser pointed out that access to the Fed's payment system is not a trivial matter and requires careful decision on who should obtain direct access. Anchorage Digital Global Operations Head Rachel Anderika called for establishing a regulatory framework that supports innovation.