Rachel Anderika of Anchorage Digital advocates for equal access to U.S. payment systems for federally chartered banks, emphasizing regulatory alignment.
Rachel Anderika from Anchorage Digital argues for equitable access to America’s payment systems, asserting that institutions eligible for banking should also easily access these systems.
As digital transactions increasingly incorporate stablecoins, the infrastructure supporting these payments is evolving rapidly. The circulation of stablecoins has jumped from around $250 billion in July to over $310 billion, reflecting a nearly 25% rise. This surge has prompted legislative action, including the introduction of the GENIUS Act by Congress and former President Donald Trump, which aims to regulate the movement of the dollar globally through U.S. institutions while adhering to compliance standards.
As the Head of Global Operations at Anchorage Digital, Anderika sees this shift from two angles, both reinforcing her belief in the need for broader federal regulation. Anchorage Digital is notable for being the first federally chartered digital asset bank in the U.S. and a leader in stablecoin issuance. Her experience as a former national bank examiner further emphasizes the importance of expanding regulatory frameworks.
Despite Anchorage Digital’s efforts to comply with regulations, they face limitations in directly accessing the Federal Reserve’s payment systems, primarily due to the management of master account access. This reliance on partner banks for transactions creates inefficiencies and risks, as evidenced by a recent incident where Anchorage Digital was debanked with little notice, jeopardizing operations.
There are signs of progress in addressing these challenges, with the Federal Reserve drafting regulations to improve access to its payment systems and Congress considering related legislation. However, the proposed “skinny” payment account by the Federal Reserve falls short, imposing restrictions that would not eliminate the need for third-party reliance, ultimately perpetuating existing challenges.
While discussions continue regarding access for unregulated fintechs, Anderika emphasizes that federally chartered banks should receive equal treatment from the Federal Reserve. She argues that access to payment systems should be based on sound regulation rather than arbitrary distinctions that could stifle innovation and push it offshore.
Concerns regarding the absence of FDIC insurance are noted, but Anderika clarifies that such risks differ for fully reserved custodial banks like Anchorage Digital. Access to the Federal Reserve’s payment system should be based on actual risks, reflecting modern banking practices rather than outdated models.
Ultimately, Anderika calls for a consistent standard across the Federal Reserve system, ensuring that all similarly regulated banks have full access to master accounts. Federal oversight must align with the infrastructure of America’s payment system, guaranteeing that qualifying institutions have a clear path to access these essential services.
In summary, institutions with the same charter and supervision should enjoy equal access to the payment system.
