The Federal Reserve announced on December 19, 2025, that it is seeking public input to launch a new type of payment account called "payment account" (simplified main account). This account is designed to provide fintech and cryptocurrency companies with direct access to the central banking system, aiming to simplify the previously cumbersome approval processes. This proposal could profoundly impact the cryptocurrency industry, especially in facilitating its bridge with traditional finance.

Specifically, the proposed payment account has the following restrictions: no interest earned, no access to Fed credit, and a balance cap, among others. The Federal Reserve noted in its announcement that these new accounts will support innovation while ensuring the security of the payment system. The public comment period will last for 45 days from the date of publication in the Federal Register, and this account is expected to go live in the fourth quarter of 2026.

News Sparks Market

News-driven: The Federal Reserve's proposal has become a direct catalyst for market momentum, prompting cryptocurrency companies to actively pay attention to this initiative that could change the industry landscape.

Capital flow trends: Some seasoned market analysts indicate that if the account is successfully launched, companies like Circle, Coinbase, Kraken, and Block, Inc. could benefit, as they would be able to leverage this direct access to the central banking system to enhance payment efficiency.

Sentiment amplification: Market sentiment is overall positive (FOMO), with a general belief that this move will help accelerate the integration of cryptocurrency and traditional finance; however, concerns about the risks and limitations during the implementation of this measure have raised some voices of worry.

Core Conflict Analysis

In promoting this new account, the Federal Reserve faces a core conflict between innovation and risk control. Federal Reserve officials like Christopher Waller stated, "These new payment accounts will support innovation while ensuring the security of the payment system." However, other officials, such as Governor Michael Barr, expressed concerns about anti-money laundering and terrorist financing risks, particularly regarding non-directly regulated fintech and cryptocurrency companies.

This proposal marks a potential reversal of the long-standing skepticism and restrictions on the cryptocurrency industry, contrasting sharply with previous criticisms of "Operation Chokepoint 2.0." Previous policies made it difficult for cryptocurrency companies to access traditional banking services, while the introduction of this new account could bring new opportunities and development space for the industry.

In-Depth Logic

This volatility is not an isolated event; it is highly related to the rapidly changing macro background of the current global financial system. In recent months, the payment industry in the U.S. and globally has been actively exploring new technological applications, particularly experiments with blockchain technology, such as the Federal Reserve's FedNow service. This rapid development is a significant factor driving change in the cryptocurrency industry and lays the groundwork for the Federal Reserve's decision to launch the new payment account.

Additionally, the regulatory dynamics in the cryptocurrency market are also continuously evolving, including U.S. federal banking regulators confirming that banks can legally engage in cryptocurrency trading and custody services, as well as new regulations proposed by the Hong Kong Insurance Authority to guide insurance funds to invest in cryptocurrency assets, further highlighting the global development trend of the cryptocurrency industry.

Bull-Bear Game

Optimists believe that this proposal is undoubtedly a healthy innovation initiative, and the benefits for the cryptocurrency industry have not yet been fully priced in by the market. They believe that the new account will provide fintech and cryptocurrency companies with more convenient financial services.

However, pessimists worry that the risks associated with such accounts may trigger deeper adjustments, especially in the absence of comprehensive regulation, potentially exposing non-directly regulated companies to new challenges.

Outlook

In the short term, the market needs to pay attention to the implementation details of this proposal, particularly the specific application standards and the pros and cons of the balance cap for the payment account. This information is crucial for the impact on the cryptocurrency market and its participants.

Therefore, in the current market atmosphere of both panic and joy, there may be rare investment opportunities hidden, and capable participants can closely monitor the upcoming movements of the Federal Reserve and relevant regulatory agencies to seize potential market opportunities.

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