Fed receives about 30 comment letters as it weighs allowing crypto and fintech firms access to its payment network

As the US Federal Reserve (Fed) considers introducing payment accounts that would allow crypto (virtual asset) and fintech firms to access the Fed’s payments network, a large number of related comment letters have been submitted.

According to crypto-focused media outlet The Block on the 6th (local time), the Fed received about 30 formal comment letters regarding the proposal and closed the comment period at the end of that day. Payment accounts are a framework that would allow companies, rather than private financial institutions, to access the Fed’s payment system directly.

This review is being conducted to determine whether to allow crypto and fintech companies to access central bank payment infrastructure. If payment accounts are introduced, those firms would be able to process transfers and payments through the Fed’s payment network without going through commercial banks.

The Blockchain Payments Consortium (BPC), joined by major Layer 1 projects such as Sui (SUI) and Solana (SOL), expressed support for the move in its submitted comment letter. Calling it a “late but necessary step,” the BPC said that access to the central bank payment system is also an important element for implementing the stablecoin regulatory law GENIUS.

Concerns were also reportedly raised during the comment process over financial stability, regulatory fairness, and risk-management measures. Some letters said the Fed should closely examine the impact that direct access by crypto firms could have on the existing financial system.

Based on the submitted letters, the Fed plans to review whether to introduce payment accounts, as well as their scope of application and eligibility requirements. Observers say the outcome of this debate could affect the future US stablecoin regulatory framework and the direction of bringing crypto firms into the regulated system.