Gov. Waller: U.S. Fed to 'Embrace Disruption,' Pitches 'Skinny' Master Account Idea

Why It Matters

The move, part of a broader Fed outreach to fintech, also bolsters Waller’s profile as a pro‑innovation voice amid leadership continuity questions at the central bank.

Summary

Federal Reserve Governor Christopher Waller said the Fed will “embrace the disruption” from crypto and proposed exploring a limited or “skinny” version of master accounts to give crypto and payments innovators direct access to Fed payment rails. The pared‑down accounts would likely cap balances, forgo interest, daylight overdrafts and discount‑window borrowing, and be designed to limit impacts on the Fed’s balance sheet while broadening market entry. Waller has asked staff to study the idea and gather industry input, signaling potential regulatory shifts that could reduce crypto firms’ reliance on third‑party banks and reshape U.S. payments infrastructure. The move, part of a broader Fed outreach to fintech, also bolsters Waller’s profile as a pro‑innovation voice amid leadership continuity questions at the central bank.