The Washington Post reported that legislation introduced in Congress would require the Fed to give crypto banks access to its payment rails.

“Dennis Kelleher, president of the nonprofit Better Markets, which advocates stricter financial regulation, said the details will matter, but the approach “would likely be the worst of all worlds,” granting crypto firms access to the Fed’s payment infrastructure “without the regulations imposed on banks. The result would be the appearance of protecting taxpayers and the financial system but not the reality.”