The government and the crypto firms are moving closer towards banking regulations. The U.S. Federal Reserve is moving forward with a proposal to create a streamlined version of its master accounts. This is a crucial banking tool long sought by crypto-focused financial institutions. The central bank announced on Dec. 19 that it will seek public comment on the plan over the next 45 days. Related: All big banks will be crypto trading soon: Former Citigroup CEO Fed introduces 'payment account' In October ...

The Federal Reserve is moving forward with an initiative to offer a more attainable version of its coveted master accounts for crypto banks—and is now asking for public comment on the plan. In October, Fed Governor Christopher J. Waller first floated the idea of a “skinny” master account for innovation-focused banks. Master accounts are required to operate a bank nationally, and permit an institution to access the Fed’s paymental rails. The Fed has previously rejected attempts by crypto banks to attain mas ...