According to Eleanor Terrett, over a dozen crypto and fintech companies are currently applying for bank charters to expedite their access to the Federal Reserve. This strategic move aims to secure master accounts, vital for direct participation in the financial system. Additionally, an executive order from the White House urging the Fed to consider granting these accounts to crypto firms is reportedly under deliberation. This development could significantly impact trading operations and liquidity management for these companies.

According to @EleanorTerrett, approximately 15 cryptocurrency and fintech firms are pursuing bank charters through the Office of the Comptroller of the Currency (OCC), aiming for an easier route to secure a Federal Reserve Master Account. This development could significantly impact trading conditions and liquidity in the cryptocurrency market, as access to banking services and a Master Account may streamline operations for these firms. The Wednesday edition of the Crypto In America newsletter provides in-depth analysis on this topic.