BlockBeats News, May 21st, the Federal Reserve of the United States (Fed) released a proposed rulemaking notice and request for public comment on Wednesday, proposing to establish restrictive "skinny master accounts" for fintech and crypto-related banks that meet certain legal criteria.

This proposal aims to provide narrow payment path access for non-bank financial institutions, but these accounts will not have the same backing as traditional bank accounts. Their functionality will be limited to clearing and settling transactions, unable to earn interest, nor utilize central bank tools such as the discount window or intraday credit. (Cointelegraph)