Bloomberg: Traditional banking organizations oppose granting crypto and fintech companies access to the Federal Reserve payment system

According to Odaily, the Bank Policy Institute, Clearing House Association, and Financial Services Forum have officially submitted a joint comment letter opposing direct access to the Federal Reserve payment system for crypto and fintech companies.

The banking groups are requesting a 12-month observation period before relevant companies meet eligibility requirements, and are urging the Federal Reserve to deny access to regulated stablecoin issuers until they can demonstrate safe operations. Additionally, the banking industry has expressed concerns about the "streamlined account" proposal, believing it lacks safeguards against run risks posed by new types of companies. Currently, companies such as Circle Internet Group Inc. and Stripe Inc. are seeking to bypass partner banks through this proposal. Previously, President Trump signed the Genius Act in July 2025, but the regulatory framework for stablecoin operators has yet to be finalized.