[Federal Reserve Proposes 'Simplified Master Account'] Federal Reserve Governor Chris Waller announced a proposal to introduce a 'Simplified Master Account,' allowing legally compliant institutions to directly access the Federal Reserve payment system without relying on partner banks. This account does not offer all the services of a full master account, but all compliant entities can apply, with eligibility rules remaining unchanged. This move could accelerate the access process for fintech companies, stablecoin issuers, and other institutions, and holds significant implications for companies like Custodia Bank and Kraken that have long applied for master accounts.