The Federal Reserve is planning to launch a "Basic Ledger" later this year, advancing limited access amid stalled crypto legislation

On February 10, Federal Reserve Governor Christopher Waller announced plans to launch a "limited-purpose account" by the end of this year. With broader crypto market regulation legislation stalled at the congressional level, the Fed will move forward with limited payment system access arrangements. Waller noted that a traditional Federal Reserve master account gives institutions direct access to the Fed’s payment system and the U.S. monetary system, while a "limited-purpose account" will come with significant restrictions—including no interest on balances and no access to discount window loans. The Fed previously sought public input on the plan, which exposed divisions between the crypto industry and community banks: the dispute centers on whether non-traditional financial institutions should be allowed to access certain functions of the U.S. payment system. Waller said the Fed still needs to "work through" relevant details but hopes to roll out the account this year if conditions allow. On the market front, Waller pointed out that as the "crypto market frenzy" from the early days of the Trump administration fades, major crypto prices have fallen sharply. He described this volatility as "the norm in the crypto market." Data shows Bitcoin has dropped to around $70,000 after hitting a record high of roughly $126,000 last year.