Anchorage Digital stated in a letter to the Federal Reserve that the proposed 'payment accounts' could help expand access to the payment system but cannot serve as a viable alternative to primary accounts. These accounts do not provide access to FedACH, impose overnight balance limits, lack intraday liquidity, do not pay interest on Federal Reserve balances, and still require holders to rely on intermediaries for daily payments and settlements. Anchorage also opposed placing federally regulated banks and companies without federal regulatory oversight under the same level of scrutiny. The Blockchain Association also argued that the proposal imposes excessive restrictions, making it difficult to achieve its commercial applications. Some banking organizations expressed concerns that certain approved institutions might be subject to more lenient regulations. (The Block) https://(wublock123.com)/news/anchorage-digital-fed-proposed-payment-accounts-not-replace-primary-accounts-65562