Fed’s “Skinny” Account Sparks U.S. Banking Apocalypse – Or Just Another Day?

by

The Federal Reserve, in what seemingly could’ve been a plot pulled straight from a gritty novel, tossed out an idea-an idea so bold it might just shake the very roots of American banking. Christopher Waller, a man who probably reads too much into balance sheets, pitched a “limited-access” or “skinny” master account for the fintech and crypto crowd. Think of it as the Fed opening a backdoor for the tech whizzes and crypto cowboys to waltz right into the payment system, bypassing the slow, clunky traditional banks. Because nothing screams stability like giving tech startups direct access to Uncle Sam’s money doors. 🤔

If this plan takes hold, it’s like telling the banks, “Hey, step aside, the new kids are in town,” and watch as stablecoins and crypto firms start moonwalking away from their reliance on stuffy old commercial banks to move their digital dollars. 🌀

Hayes Calls It a Political Move – Because Nothing Says ‘Pure Economics’ Like Politics and Sarcasm

Arthur Hayes, that co-founder of BitMEX and unintentional comedian, didn’t hold back. On X (formerly Twitter, but honestly, who keeps track anymore), he called the Fed’s scheme a “political payback from Trump.” Because, sure, what’s more logical than suggesting the Fed is secretly trying to dismantle the banking system as some kind of revenge plot? Maybe Hayes thinks the Fed’s just tired of hearing about stablecoins at dinner parties.

He’s convinced this decentralization gambit could gut traditional banks and give the boost to tokens like Tether-because who needs banks when you’ve got a digital dollar? His words might be a tad dramatic, but in the world of crypto, they’re just the morning coffee. “Imagine Tether without a bank. It’s like imagining a fish without water-hard to do, but apparently the Fed’s trying.” 😏

Industry Reaction – Because Everyone Loves a Good Drama

Crypto journalist Eleanor Terrett, not one to shy away from the spotlight, suggested this “master account lite” idea could help out firms like Custodia Bank and Kraken-those underdog banks who’ve been knocking on the Fed’s door for ages. It’s like giving the cool kid in school an easier way to get into the party. She says, “This could open the floodgates for innovative fintechs and stablecoin creators,” as if that’s the recipe for world peace.

Hayes Expands His Crypto Empire – With a Side of Bold Bets

Meanwhile, Hayes’ family office, Maelstrom, is out here playing the high-stakes game, launching a $250 million fund to scoop up crypto companies. They plan to buy a handful-between four and six-mid-sized crypto firms, dropping anywhere from $40 million to $74 million per deal. Because in crypto land, if you can’t make a million in a day, what’s the point? The fund’s goal is to snag cash-flowing businesses, not just shiny tokens with no substance. Apparently, Hayes prefers to sleep at night, not worry about the next pump-and-dump. 💤💸

Read More

2025-10-22 12:48