Anchorage Digital Rejects Fed’s Payment Account Proposal as Insufficient for Crypto Industry
Crypto-focused financial services provider Anchorage Digital has pushed back against the Federal Reserve's proposed payment account framework, arguing it falls short of what the industry needs to meaningfully integrate with the central banking system.
Fed’s Limited Access Not Enough, Says Major Crypto Custodian
Anchorage Digital, a prominent digital asset custodian and financial services provider serving the cryptocurrency industry, has criticized the Federal Reserve’s newly proposed payment account as inadequate for addressing the real needs of crypto companies seeking access to the central banking system. According to reporting on Anchorage’s statement, the firm contends that the Fed’s framework would not serve as a viable replacement for the broader master account access that crypto companies have sought.
The Fed’s proposal would provide certain cryptocurrency companies with access to central bank payment systems through a dedicated payment account structure. However, Anchorage Digital’s assessment suggests this approach is insufficient for the operational requirements of firms operating in the digital asset space.
Master Account Access Remains the Industry Goal
At the heart of the dispute is the distinction between the Fed’s proposed limited payment account and full master account access. Master accounts have traditionally been reserved for specific types of financial institutions and would provide broader privileges than the payment account framework the central bank has put forward. Anchorage Digital’s critique highlights an ongoing tension within the cryptocurrency sector regarding how deeply central banks should integrate with digital asset firms.
The company’s position reflects broader industry concerns about the pace and scope of central bank accommodations for crypto-focused businesses. While the Fed’s proposal represents some level of official recognition and access, it appears designed as a measured step rather than a comprehensive integration into the traditional banking system’s inner workings.
Regulatory Access Remains Critical for Crypto Growth
The debate over payment accounts versus master accounts underscores how regulatory and banking infrastructure decisions directly impact cryptocurrency industry development. Access to Federal Reserve systems can streamline operations for digital asset firms, reduce counterparty risk, and facilitate compliance with financial regulations. Anchorage Digital’s challenge to the proposed framework suggests the industry believes the Fed’s current offering still leaves significant gaps in operational efficiency and systemic integration.
This disagreement comes as policymakers worldwide continue calibrating how traditional financial infrastructure should engage with the crypto sector. The Fed’s approach represents an effort to extend some access while maintaining careful guardrails around which entities gain entry to the central banking system. Anchorage Digital’s response indicates that meaningful industry participation will require more expansive arrangements than currently on the table.
Source: Anchorage Digital, via The Block. Not financial advice.