Federal Reserve Considers 'Skinny' Payment Accounts to Support Fintech and Crypto

The Federal Reserve is exploring the introduction of 'skinny' payment accounts, which could greatly benefit fintech and cryptocurrency firms. This initiative is viewed as a positive development in addressing the banking challenges faced by the crypto industry, known as 'Operation Chokepoint 2.0.' By creating new payment rails, the Fed aims to enhance innovation and competition in the financial sector, facilitating easier market entry for new players.