The U.S. Federal Reserve (Fed) unveiled a proposal for the introduction of payment accounts that specific financial institutions can use exclusively for payment processing, and Anchorage Digital pointed out that it "is not a real alternative to replace master accounts." According to The Block, cryptocurrency bank Anchorage Digital stated, "While we support the Fed's efforts to reform access to the new payment system, this system will classify many companies, including ourselves, as subjects for intensive review." It added, "We are concerned that access to FedACH, an electronic payment processing system operated by the central bank between banks and other financial institutions, will be unavailable. If FedACH access is blocked, the functionality of payment accounts will be substantially limited, and account holders will continue to have to rely on intermediaries for everyday payments and settlements."
