This week, the President of the United States signed an executive order with a lengthy technical name and a very concrete meaning: the American financial system has to start making room for crypto.
The order is called 'Integrating Financial Technology Innovation Into Regulatory Frameworks.' What it does is give direct instructions to four of the most powerful regulators in the world to review and update their rules.
What exactly were they asked to do?
The Federal Reserve has been instructed to review whether crypto firms and other non-bank fintechs can access master accounts at the central bank and the Fedwire network, which processes the majority of high-value interbank payments in the U.S.