Federal Reserve Governor Christopher Waller announced plans to introduce a "simplified master account" by the end of the year. Speaking at a Center for Global Interdependence event, Waller outlined that this new account type would not offer interest on balances and would restrict access to loans via the discount window. The proposal aims to streamline access to the Federal Reserve's payment system, traditionally available through master accounts. The public comment period for the proposal concluded last Friday, highlighting a divide between the crypto industry and community banks over granting non-traditional financial firms access to the U.S. payment system. Waller emphasized the need to address these concerns, aiming for implementation by year-end if progress remains on track.