Anchorage Digital has publicly stated that the Federal Reserve's proposed payment account structure, designed to offer limited central bank access to certain crypto firms, is not a workable substitute for a full master account. Anchorage has long sought direct Fed access for settlement and liquidity purposes; the proposed account apparently lacks critical functionality such as intraday credit and full payment rails.
For Armada's crypto repo desk, this matters because custodians and counterparties operating without direct Fed access face settlement friction that can affect repo leg timing and counterparty liquidity. Fireblocks, Armada's custody partner, operates in a similar regulatory environment, and the Fed's posture toward crypto-native institutions shapes the infrastructure available to the entire segment.