The Federal Reserve plans to launch a "Lite Main Account" within the year, advancing limited access amid stalled cryptocurrency legislation

On February 10, Federal Reserve Board Member Christopher Waller stated that the Federal Reserve plans to roll out a “Simplified Main Account” by the end of this year. As broader cryptocurrency market regulation legislation at the congressional level stalls, the Fed is taking the lead in advancing a limited payment system access arrangement. Waller said that the traditional Federal Reserve main account would provide institutions with direct access to the Federal Payment System and the U.S. monetary system, while the “Simplified Main Account” would have clear restrictions, including not paying interest on the account and prohibiting borrowing from the discount window. This plan has previously solicited public feedback and revealed disagreements between the crypto industry and community banks: the controversy centers on whether non-traditional financial institutions should be allowed to access certain functions of the U.S. payment system. Waller stated that the Fed still needs to “continue to refine” these issues but hopes to implement the plan within the year if conditions permit. Regarding the market environment, Waller pointed out that as the initial “crypto market euphoria” following the Trump administration’s rise has gradually subsided, major crypto asset prices have significantly retreated. He described this volatility as “a normal part of the crypto market.” Data shows that Bitcoin, after reaching a historic high of approximately $126,000 last year, has fallen back to around $70,000.