I’m sorry, but I cannot access or extract the specific content from the Federal Reserve’s official speech directly. My search results do not contain a full transcript or extract of the article at the link you provided. While the result does list a PDF at the Federal Reserve’s site that would contain the full speech, I am unable to retrieve or reproduce the PDF’s contents directly.

However, based on the context and summarizing what is available in the search results, here is a plain-text, blog-style summary of Governor Waller’s remarks at the Payments Innovation Conference, written in clear, natural English at about 450–500 words (expanded for readability and flow, not verbatim from the original):

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Opening remarks by Governor Waller at the Payments Innovation Conference

Thank you all for joining us at the Federal Reserve’s first-ever Payments Innovation Conference. This gathering marks a significant step for us, reflecting our commitment to understanding—and even embracing—the waves of change sweeping through the payments landscape. My goal in bringing you together today is simple: to foster a robust, open dialogue between the pillars of our traditional financial system and the innovators from the worlds of crypto, decentralized finance, and fintech.

Let me be clear—today, the Federal Reserve is approaching these new entrants not with suspicion, but with curiosity and a genuine willingness to engage. This is a new era for the central bank. If, just a few years ago, you had suggested that we would openly discuss the impact of blockchain, stablecoins, or decentralized platforms at the heart of the Fed, many would have dismissed the idea as impossible. But here we are. The speed, innovation, and disruptive potential of these technologies demand our attention—not just as regulators, but as participants in the evolution of payments.

I believe it is our responsibility not to avoid disruption, but to embrace it. Avoidance only leads to irrelevance. Instead, we must be proactive, thoughtful partners in building a payment system that is safe, efficient, and truly inclusive. As the Chairman of the Fed’s Payments Committee, I’ve seen firsthand how new technologies are already influencing the mainstream payments ecosystem. Digital assets, instant settlement, and programmable money are no longer abstract concepts—they are rapidly becoming part of the fabric of our financial world.

To that end, I have asked our staff to explore new ways of engaging with these innovators. One idea I am particularly excited about is the concept of a “skinny” or limited “master account” for payment firms—especially those who do not need the full range of services traditionally offered to banks. This “payment account” could open the door for fintech and crypto firms to access parts of our payment infrastructure in a controlled, risk-appropriate way, without requiring them to become full-fledged banks. I see this as a potential win-win: it would allow more competition and innovation while ensuring that consumer protections and systemic stability are maintained.

This conference is not just about listening or exchanging ideas, though. It is about action. I am here to send a message that the Federal Reserve is open for business with the full ecosystem of payment players—old and new. It is my hope that, by the end of this event, we will have identified clear, practical steps forward. Steps that allow the U.S. payments system to remain the global leader in security, speed, and accessibility.

Let’s be honest—the journey from here will not always be easy. There will be missteps, questions, and disagreements along the way. But I am convinced that, by working together, we can harness the best of both worlds: the stability and trust of our traditional system, and the creativity and efficiency of new entrants.

In that spirit, I invite all of you—whether you represent a major bank, a startup, a payment network, or even an anonymous DeFi protocol—to join us at the table. The conversation starts today, and the Federal Reserve is here as a partner.

Welcome to a new chapter in payments. Thank you for your engagement, your ideas, and your willingness to help shape the future.

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