Fed Governor Waller said a “lean aggregate account” could be operational before the end of 2026, while the Clarity Act, a regulatory framework for crypto assets, remains stalled in the US Congress.
The US Federal Reserve ( Fed ) is expected to roll out its proposed “lean aggregate account” before the end of this year, despite the uncertainties plaguing the digital asset market and the stalled efforts to build a comprehensive regulatory framework for the cryptocurrency industry in the US.
Speaking at an event hosted by the Global Interdependence Center on Monday, Federal Reserve Governor Christopher Waller said a streamlined version of the aggregate account could be operational before the end of 2026. Under the current system, the traditional aggregate account allows financial institutions to connect directly to the Fed's payment system and access the U.S. money supply.
However, the "streamlined" version will impose more restrictions, not allowing interest to be earned on account balances and not providing access to the discount window for emergency Capital .
The public comment period on this proposal ended last Friday, leaving deep disagreements between cryptocurrency companies and the community banking system surrounding the question of whether non-traditional financial institutions should be allowed to connect to the national payments infrastructure. Waller acknowledged the Fed will have to address each issue individually, but affirmed its determination to complete the process this year if all goes well.
Cryptocurrency market and legislative deadlock
The Fed's move comes amid a significant weakening of the cryptocurrency market following the initial euphoria of Donald Trump's presidency. Waller noted that the wave of optimism that emerged when Trump took office is fading, with bitcoin and other leading cryptocurrencies turning sharply downward. According to data from The Block, bitcoin once reached an all-time high of over $126,000 but has now fallen to around $70,000, reflecting widespread pessimism in the market.
While the Fed pursues its own initiatives, efforts to build a comprehensive regulatory framework for cryptocurrencies in Washington DC are facing serious obstacles. The market structure bill, often referred to as “Clarity” after the version passed by the House last summer, is currently stalled in the Senate.
This bill aims to establish standards for decentralized finance exchanges and platforms, and to clearly define the regulatory Vai between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
The Senate Agriculture Committee passed its version of the bill last month but lacked support from Democrats due to ethical concerns related to Trump's ties to the cryptocurrency sector. The Senate Banking Committee canceled the vote at the last minute after Coinbase withdrew its support over disagreements regarding the handling of stablecoin rewards.
Waller argues that this stagnation is partly responsible for the current turmoil in the cryptocurrency market, as expectations of legal "clarity" are no longer promising in the near future.
