The Bank Policy Institute, the Clearing House Association, and the Financial Services Forum have formally submitted a joint commentary opposing granting direct access to the Federal Reserve's payment system to crypto and fintech companies. The banking groups are demanding a 12-month observation period before any company qualifies for access and requiring the Federal Reserve to deny access until a regulated stablecoin issuer proves its ability to operate securely. Furthermore, the banking industry is concerned about the "simplified account" proposal, arguing that it lacks safeguards against runs on new companies. Currently, companies such as Circle Internet Group Inc. and Stripe Inc. are seeking to bypass partner banks through this proposal. Previously, President Trump signed the Genius Act in July 2025, but a regulatory framework for stablecoin operators has not yet been finalized. (Bloomberg)