Spurred in part by the critical role cryptocurrency is playing in the Ukraine crisis, the Biden Administration last week finalized a long awaited “whole-of-government policy construct (see Client Report CRYPTO26) with far-reaching, immediate implications not only for the Executive-Branch agencies that must now do as they are told, but also the more-or-less independent banking agencies that will try to make the White House as happy as possible.  Touching on another key question — who has payment-system access — the Fed last week revised its 2021 proposal with a replacement request for comment (see FSM Report PAYMENT24) that now opines just a bit more on which companies will get the most scrutiny if they seek Reserve Bank master accounts and services.