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Fed Governor Christopher Waller says crypto is becoming part of mainstream finance.
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He proposed a “skinny master account” for payment innovators.
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The move signals a friendlier regulatory stance toward DeFi and stablecoins.
A New Era for U.S. Payments
Federal Reserve Governor Christopher Waller announced a more open approach to crypto and DeFi integration within U.S. financial infrastructure. Speaking at the Fed’s Payments Innovation Conference, Waller said distributed ledgers are now “woven into the fabric” of the financial system.
He emphasized that the central bank’s stance on crypto has evolved significantly, describing the new approach as a “welcome to the conversation” moment for the industry.
The Skinny Master Account Concept
Waller revealed he has asked the Fed to explore a “payment account” system — nicknamed the “skinny master account” — that would give fintech and blockchain firms limited access to the Fed’s payment rails. The accounts would exclude interest and overdraft privileges but enable direct interaction with the central bank’s payment infrastructure.
Toward Pro-Crypto Policy
This shift represents a stark contrast from previous administrations’ cautious stance on crypto. The removal of earlier restrictions on stablecoin activity and “reputational risk” guidance signals that the Fed is now positioning itself to accommodate digital assets within its broader modernization of payments.
