Federal Reserve Governor Christopher Waller has proposed a new “limited-access” or “skinny” master account for fintech and crypto firms. The goal is to let qualified institutions use the Fed’s payment system directly instead of relying on traditional partner banks. If adopted, this plan could reduce how much stablecoins and other crypto firms depend on commercial banks to move money. Hayes Calls It a Political Move BitMEX co-founder Arthur Hayes criticized the idea, saying it could damage the traditional banking model. In a post on X, he described the proposal as political payback from President Donald Trump. Hayes said the Fed’s plan to let crypto firms access its payment rails could weaken commercial banks and boost decentralized players like Tether. He wrote, “Imagine if Tether didn’t need to rely on a TradFi bank for its existence. The Fed is moving to destroy commercial banking in the U.S. This is Trump’s revenge for debanking his family.” Industry Reaction Crypto journalist Eleanor Terrett said the move could help firms such as Custodia Bank and Kraken, which have struggled to get full master accounts from the Fed. She explained that a “master account lite” could create a simpler way for innovative firms in crypto and payments to connect with the central bank. “This new version would allow the Fed to green-light innovative banks, including fintechs, stablecoin issuers, and other payment companies,” she said. Hayes Expands His Crypto Bets Hayes’ family office, Maelstrom, recently launched the Maelstrom Equity Fund to raise $250 million for crypto acquisitions. The fund plans to buy four to six mid-sized crypto companies, investing $40 million to $74 million per deal. The fund will be registered in the U.S. and aims for its first close by March 2026, with full funding by September 2026. Hayes said the focus will be on companies with steady cash flow instead of speculative token projects.