According to CoinMeta, Anchorage Digital stated in its letter to the Federal Reserve that the proposed “payment account” while helpful for expanding access to the payment system, cannot serve as a viable alternative to a main account. This account does not provide FedACH connectivity, has restrictions on overnight balances, does not offer intraday liquidity, and does not pay interest on balances with the Federal Reserve. Holders still need to rely on intermediaries for daily payments and settlements. Anchorage also opposes placing federally regulated banks on the same review level as companies that lack federal regulatory oversight. Blockchain Association also believes that this scheme imposes too many restrictions and is difficult to implement for commercial use. Some banking organizations are concerned that some of the approved institutions may face less stringent regulation. ( The Block )