Coinbase submitted a letter to the @federalreserve strongly supporting the creation of a payments-specific Fed account. The Payment Account represents an important step toward modernizing the U.S. payment system and ensuring that the United States remains globally competitive in financial services innovation. Many jurisdictions — such as the UK, EU, Brazil, and India — already permit certain non-bank financial institutions to access central bank payment infrastructure, which has accelerated competition, reduced settlement risk, improved payment speed and reliability, and fostered innovation in payments. Kudos to Governor Waller for taking the lead to bring this important initiative to the US.