Federal Reserve President Christopher Waller has proposed new “limited access” or “skinny” master accounts for fintech and crypto companies. The goal is to allow eligible institutions to use the Fed's payments system directly, rather than relying on traditional bank partners.
If adopted, the plan could reduce the dependence of stablecoins and other crypto companies on commercial banks to transfer funds.
Hayes calls this a political move.
BitMEX co-founder Arthur Hayes criticized the idea, saying it could damage the traditional banking model. In a post on X, he called the proposal a political payback from President Donald Trump.
Hayes said the Fed's plan to give crypto companies access to payment rails could weaken commercial banks and boost decentralized players like Tether.
“Imagine if Tether didn't have to rely on TradFi Bank for its survival. The Fed is moving to destroy America's commercial banks. This is Trump's revenge for abolishing the family bank,” he wrote.
Industry reaction
Cryptocurrency journalist Eleanor Tellet said the move could help companies such as Custodial Bank and Kraken, which have struggled to obtain full master accounts from the Fed.
She explained that “Master Account Lite” could create an easier way for crypto and payments innovative companies to connect with central banks. “This new version will allow the Fed to give the green light to innovative banks, including fintechs, stablecoin issuers, and other payments companies,” he said.
Hayes expands bet on cryptocurrencies
Maelstrom, the Hayes family office, recently launched the Maelstrom Equity Fund to raise $250 million for crypto acquisitions. The fund plans to acquire four to six mid-sized crypto companies, investing between $40 million and $74 million in each.
The fund will be registered in the US and aims to complete its first round of funding by March 2026 and be fully funded by September 2026. Hayes said the focus will be on companies with stable cash flows, rather than speculative token projects.
