Fed mulls ‘skinny’ payment accounts to open rails for fintech, crypto firms

Industry watchers welcomed the idea of “skinny” master accounts as another sign of the end of crypto’s banking troubles, in what insiders describe as “Operation Chokepoint 2. 0.” The US Federal Reserve is considering the introduction of a new type of payment account that would make it easier for smaller companies to participate in the central bank’s payment system, signaling the end of the crypto industry’s banking access challenges. The newly floated “payment accounts” would seek to grant full access to fintech companies seeking to utilize the Fed’s payment services, which are currently reserved for large banks and financial institutions through the Fed’s “master accounts.”“I believe we can and should do more to support those actively transforming the payment system,” said Fed Governor Christopher J. Waller during his speech at the Payments Innovation Conference on Tuesday, adding: Read more.

Top Armed Services Democrat calls for House hearing on alleged drug boat strikes

Rep. Adam Smith (D-Wash.), the top Democrat on the House Armed Services Committee, called for a hearing on the Trump administration’s deadly strikes against alleged drug-trafficking boats off the coast of Venezuela.  Smith accused the administration of refusing to answer questions regarding President Trump’s directives to strike vessels, which the administration argues are smuggling drugs…