PANews reported on May 21 that crypto journalist Eleanor Terrett revealed the Federal Reserve has issued a notice seeking comments and proposing rulemaking for payment accounts (i.e., "simplified master accounts"), allowing eligible fintech and crypto companies to access the Fed's payment system for clearing and settlement. This is the next formal step in Fed Governor Christopher Waller's payment account implementation process following the public comment period in February. The Fed also encouraged regional Federal Reserve banks to suspend processing new "Tier 3" master account access requests (most crypto companies fall into this category) until December 2026 to improve system consistency when the framework is finalized.