#MarketRebound

The latest: More than a dozen cryptocurrency and financial technology companies are applying for banking licenses in an effort to expedite access to the Federal Reserve.

Meanwhile, the White House is preparing an executive order that would ask the Federal Reserve to consider cryptocurrency companies for master accounts.

The text describes two significant developments at the intersection of cryptocurrencies, financial technology (fintech), and the traditional banking system in the United States:

1. **Application for banking licenses by cryptocurrency and fintech companies**: More than a dozen of these companies are seeking to obtain banking licenses. This would allow them to operate as regulated banks and gain direct access to services from the Federal Reserve, such as master accounts, payment systems, and other key financial services. This move aims to integrate cryptocurrencies and fintech more deeply into the traditional financial system, accelerating transactions and reducing reliance on banking intermediaries.

2. **Executive order from the White House**: The White House is preparing an executive order that would urge the Federal Reserve to consider granting master accounts to cryptocurrency companies. Master accounts are accounts that financial institutions maintain directly with the Federal Reserve, providing them privileged access to the payment and reserve systems. This could facilitate cryptocurrency companies operating more efficiently and legitimately within the financial system, although it could also spark debates about regulation, financial stability, and risks associated with cryptocurrencies.

**General significance**: These events reflect an effort by cryptocurrency and fintech companies to integrate into the regulated financial system, while the U.S. government appears to be considering policies that could facilitate this integration.