Senate Banking Subcommittee on Digital Assets Chair Cynthia Lummis said on May 19 that she supports the Trump administration’s Executive Order expanding access to Federal Reserve Master Accounts for digital asset companies.
The move is significant because it directs the Federal Reserve to provide equal access to its payments system for all eligible financial technology firms. This could change how fintech companies operate and compete with traditional banks, potentially leading to more competition and lower payment costs for consumers.
“This Executive Order puts the Federal Reserve on notice that it must follow the law and provide equal access to the payments system for all eligible fintech companies,” said Lummis. “For years, Fintech has been shut out while legacy institutions enjoyed privileged access, and the Trump administration is ensuring a level playing field, competition, and lower payments costs for consumers. American innovation cannot wait on bureaucratic inertia, and President Trump is making sure it does not have to.”
Lummis has a background in ranching in Laramie County and earned degrees in animal science, biology, and law from the University of Wyoming. She has served in various public roles including in both chambers of the Wyoming legislature, as state treasurer, and as a member of Congress according to her official website.
Looking ahead, observers will be watching how this Executive Order impacts fintech firms’ ability to participate fully in national payment systems.
