Coinbase pushing the Fed to open payment accounts to more crypto firms while letting them earn interest. They want risk-based oversight instead of blanket restrictions.

This is huge for institutional liquidity flows. If crypto companies can park USD directly at the Fed and earn yield, it removes counterparty risk from traditional banks.

Watch how this plays out - could be a game changer for $USDC and stablecoin infrastructure. More direct Fed access = deeper liquidity = tighter spreads.