Federally chartered crypto bank Anchorage Digital and payments firm Stripe joined witnesses pressing US lawmakers on 24 Jun for nonbank access to Federal Reserve payment rails, in a House hearing that aired tensions over how an evolving payments system should be regulated.
Anchorage Digital, Stripe Press House for Direct Fed Rails Access
25 June 2026 - 06:04 CEST
Fed rails access
The House Financial Services Committee's "Future of Payments: Promoting Innovation and Fair Markets" hearing examined how new technologies are reshaping payments, pitting traditional banks that want to preserve a bank-centred model against fintechs and digital-asset firms pushing for direct access.
"As new entrants seek to provide payment services, questions regarding chartering, supervision and access to payment infrastructure have become increasingly important," Subcommittee on Financial Institutions Chairman Andy Barr said.
Push and pushback
Anchorage Digital Bank, chartered by the Office of the Comptroller of the Currency in 2021 as the first federally regulated US digital-asset bank, pressed for clearer rules. "We need regulatory frameworks – federal and state – that allow innovation," Head of Global Operations Rachel Anderika said.
Stripe Vice Chair Eileen O'Mara argued the current system forces every transaction through a bank, creating a chokepoint in the Automated Clearing House (ACH) network. "Just two banks originate nearly half of ACH volume," she said, noting the US remains the only G7 nation barring nonbanks from direct payment-system access. Stripe backed the Payment Access and Consumer Efficiency (PACE) Act, which would allow payment firms to access the Fed rails directly.
The Bank Policy Institute, representing the largest US banks, opposed both the bill and a Fed proposal for limited "payment accounts" for nonbanks. The plan "could accelerate deposit migration to uninsured institutions and introduce new vectors of systemic risk," Executive Vice President Paige Pidano Paridon said, warning of a "two-tiered system" amounting to "regulatory arbitrage."
Tara Flynn of the National Community Reinvestment Coalition added that nonbanks gaining access "must be subject to strong consumer protections."
'Skinny' accounts
Fed Governor Christopher Waller on 21 Oct 2025 floated a "payment account", or 'skinny' master account, for institutions focused on payments. It would grant direct access to Fed payment rails without interest, overdrafts or discount-window borrowing.
The Fed formally proposed such accounts on 26 May, the same month President Donald Trump directed the central bank to evaluate nonbank access. Under the current model, nonbanks use a sponsor bank to access Fed rails.
