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The Fed’s crypto pivot: Unlocking banking access and its impact on payments

The Payments Association

During the Biden Administration, the US Federal Reserve (the Fed) explored plans for Project Cedar, an early-stage framework for a potential central bank digital currency (CBDC). Senator Lee has been among the most vocal opponents of a US CBDC, expressing concerns about potential government overreach.

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President Trump issues Executive Order on digital assets

The Payments Association

’ against digital asset companies (see below, Other Key Developments in Crypto ) and the FRBs refusal to permit Custodia Bank to open a master account. Notably, US banking regulators (e.g.,