According to CryptoPolitan on May 26, U.S. President Trump signed an executive order on the 19th titled “Integrating Financial Technology Innovation into the Regulatory Framework,” instructing the Federal Reserve and federal financial regulators to review the current rules that block fintech and crypto companies from accessing Fed master accounts. Ripple National Trust Bank has been conditionally approved to become a potential beneficiary.
聯準會主帳戶對 Ripple 業務的潛在影響：已確認的運營邏輯
聯準會主帳戶賦予機構直接訪問聯儲支付基礎設施的資格，包括 Fedwire（大額實時支付系統）和 FedNow（即時零售支付系統）。對 Ripple 而言，若獲得主帳戶訪問，其企業支付業務（Ripple Payment Networks）可直接接入美國支付軌道，減少對代理銀行網絡的依賴。目前 Ripple 的跨境支付模式依賴中間銀行作為支付中介，每個中介環節增加了結算延遲和成本。直接主帳戶訪問理論上可消除部分機構轉賬的中介環節，提高結算速度並降低成本。
行政命令並不保證申請自動獲批——它確立的是申請流程和決策時間框架（90 天），最終裁決仍由聯邦監管機構根據審查結果做出。
CLARITY Act 的最新立法進展
與聯準會主帳戶政策演進同步推進的是 CLARITY Act 的立法進程。以下為已確認的最新立法節點：參議院銀行委員會於 2026 年 5 月 14 日以 15:9 投票通過，提交全院審議；眾議院已於 2025 年 7 月以 294:134 票通過眾議院版本；參議院農業委員會此前已推動了與現貨數字商品市場相關的配套條款。CLARITY Act 一旦成為法律，將明確 XRP 等數字資產的證券/商品分類，並界定 SEC 和 CFTC 的管轄邊界。目前 CLARITY Act 在全院通過前仍需克服 60 票門檻和兩院版本協調等程序障礙，立法者警告若夏季窗口關閉則可能延至 2030 年。
常見問題
What are the specific differences between the Fed master account “skinny version” (Skinny Master Account) and the standard master account?
The “skinny version” master account proposal submitted by the Federal Reserve in December 2025 is designed as a limited-access framework for non-traditional financial institutions (such as fintech companies and crypto firms): it allows holding institutions to access Fedwire and FedNow, among other Fed core payment infrastructure; but it places restrictions on areas such as earnings from interest on reserve balances (IORB), overnight deposit limits, and emergency liquidity assistance, so it is not fully equivalent to standard commercial bank master accounts. This “skinny version” design aims to expand payment system access for non-bank financial technology institutions while reducing the impact on the Federal Reserve’s balance sheet and overall financial stability—serving as a compromise between the pressure from traditional banking that opposes “full openness” and the crypto industry’s push for “direct access.”
Ripple 已獲得的 OCC 國家信託銀行章程如何幫助其申請聯儲主帳戶？
根據聯準會規定，申請主帳戶的機構需要具備合法的銀行或金融機構資質。OCC 有條件批准的「Ripple National Trust Bank」章程賦予 Ripple 聯邦特許信託銀行地位，使其在法律上成為可以申請聯儲主帳戶的合格機構。這一資質也是川普行政命令中提及的「可考慮擴大訪問的非存款機構」類別的具體例證。然而，OCC 章程是申請聯儲主帳戶的必要前提之一，而非充分條件，聯儲保留獨立審查每份申請的權力。
What is the significance of the SEC-CFTC joint ruling confirming XRP as a digital commodity for its regulatory status?
The SEC-CFTC joint ruling in March 2026 confirmed that XRP is a digital commodity (not a security), ending the regulatory dispute between Ripple and the SEC over XRP’s securities classification that began in 2020. The confirmation of commodity status means XRP’s primary regulator is the CFTC (not the SEC). The regulatory framework that the CFTC applies to digital commodity trading and derivatives markets is typically more explicit and friendly than the SEC’s requirements for securities. This ruling also makes XRP eligible under the CLARITY Act’s “digital commodity” definition framework, providing a clearer legal basis for its use in regulated institutional scenarios, including Ripple’s cross-border payment business.
