PANews reported on October 21st that crypto journalist Eleanor Terrett, speaking on the X platform, revealed significant news at the Federal Reserve's Payment Innovation Conference. Governor Chris Waller announced that the Federal Reserve is proposing to establish a new, limited-access master account (or, as he called it, a "lite master account") for all legally qualified institutions. This would allow these institutions to directly access the Federal Reserve's payment system, eliminating the need for a partner bank. While these institutions would not have access to all the services of a full master account, such as borrowing from the Fed, the key point is that any legally qualified entity could apply, and the legal eligibility rules would remain unchanged. Essentially, this new, lite master account would allow the Fed to greenlight innovative banks, including fintech companies, stablecoin issuers, and other payment companies. This is a significant development for companies like Custodia Bank and Kraken, which have been trying to obtain a master account with the Fed for years, with Custodia even suing the Fed. This move could also expedite the approval process for companies like Ripple and Anchorage that have already submitted applications this year.

Earlier news, Federal Reserve Board Governor Waller said that the Federal Reserve will be more proactive in studying and embracing innovative progress in the payment field.