X @Arthur Hayes

Regulatory Landscape - The Fed is proposing a new "limited-access" or "skinny" master account for legally eligible institutions [1] - This would grant direct access to the Fed's payment rails, bypassing reliance on partner banks [1] Potential Impact on Crypto - This move could potentially eliminate Tether's need to rely on traditional finance banks [1] - The Fed's action is viewed by some as opening the door to crypto banking [1]