Coinbase Files With Fed on Proposed Non-Bank Payment Account Framework

Key Takeaways:

• Coinbase submitted a formal response to the Federal Reserve’s proposed Reserve Bank Payment Account framework.
• The proposal could allow non-bank institutions to access core Fed settlement rails directly.
• Direct access would reduce reliance on intermediary banks.
• The move signals deeper integration between crypto firms and U.S. financial infrastructure.
• The framework remains under review and has not yet been approved.

In a submission dated February 6, 2026, the crypto exchange responded to the Federal Reserve’s request for information on a special-purpose Reserve Bank payment account prototype. The proposal explores whether entities beyond traditional regulated banks could hold accounts tied directly to the Fed’s settlement rails – a shift that could materially alter how financial institutions connect to the U.S. payments system.

Currently, only regulated depository institutions are permitted to plug directly into Federal Reserve settlement systems. If the framework advances, firms such as Coinbase – and potentially other financial technology or blockchain-based companies – could gain the ability to hold accounts at a Reserve Bank, allowing them to settle transactions without relying on intermediary banks.

The filing signals Coinbase’s intent to position itself closer to the core of the U.S. financial system at a time when regulators are evaluating how emerging payment providers should be integrated into legacy infrastructure.

A Structural Shift in Payment Access

Direct access to Federal Reserve accounts would represent a significant structural change in U.S. financial plumbing. Today, most non-bank financial institutions must partner with commercial banks to access central bank settlement services. That dependency adds operational layers, liquidity constraints, and counterparty considerations.

Under a Reserve Bank Payment Account model, eligible non-bank entities could potentially clear and settle directly through Fed systems, improving efficiency and reducing reliance on correspondent banking relationships.

Coinbase, in its response, welcomed the opportunity to comment on the framework and expressed support for innovations that could enhance connectivity between Federal Reserve payment services and emerging financial service providers.

Implications for Crypto and Fintech Firms

If adopted, the framework could narrow the gap between traditional financial institutions and regulated digital asset platforms. For crypto-native firms, direct access to Fed settlement infrastructure could improve fiat on- and off-ramps, streamline treasury management, and reduce settlement risk.

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While the Federal Reserve has not indicated a final decision, the request for information suggests regulators are evaluating how to balance financial innovation with systemic safeguards.

The development also carries broader implications for competition in the payments sector. Granting non-bank institutions access to central bank accounts could reshape liquidity management models and accelerate integration between digital asset platforms and conventional financial systems.

Regulatory and Policy Context

The Federal Reserve’s exploration of special-purpose accounts comes amid ongoing debates over the future of payment modernization, financial inclusion, and the evolving role of fintech firms. Policymakers must weigh innovation benefits against concerns related to risk management, supervision, and financial stability.

For Coinbase, the filing represents a strategic regulatory engagement rather than immediate operational change. The company is signaling readiness to operate within an expanded framework should the Fed move forward.

Whether the proposal advances into formal rulemaking remains uncertain. However, the mere consideration of non-bank access to Federal Reserve accounts underscores how rapidly the boundary between traditional banking and digital finance continues to evolve.

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The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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