Fintech Recap: The 2025 Themes That Will Define 2026

Jan 7, 2026

Regulatory changes took center stage as leadership shifts led to increased centralization, raising concerns over consumer protection. 2025 also marked the breakout of stablecoins, accelerated by the GENIUS Act, prompting debates on their potential impact on traditional deposits. Meanwhile, the cultural infiltration of gambling through prediction markets sparked ethical discussions. The IPO window reopened for several fintech giants, a move that hints at underlying market dynamics. Predictions for 2026 include potential financial crises and growing instability.

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INSIGHT

Regulatory Power Shift Redefined Priorities

The 2025 regulatory reset centralized power and shifted priorities toward tailoring and deregulation.
Agency independence weakened as new leadership prioritized making community banks stronger over consumer protections.

INSIGHT

CFPB Weakening Created Enforcement Gaps

The CFPB was gutted after Rohit Chopra's firing, producing litigation and funding disputes that limit the agency's activity.
This created enforcement gaps that other regulators and state attorneys general may partially fill.

INSIGHT

Narrow Supervision Risks Overlooking Hidden Threats

Regulators prioritized 'do less with less,' removing non-financial supervisory burdens and emphasizing core safety-and-soundness risks.
That narrow focus risks missing operational, technology, and financial-crime channels that can become systemic problems.

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Welcome back to Fintech Takes. I’m Alex Johnson, joined (as always) by my partner in Fintech Recapping, Jason Mikula. In our first episode of the new year, we recap all of 2025 — through the big themes that shaped the industry and set the stage for 2026 (you’ll want to catch our predictions at the end).

First up, Regulation in the Upside Down. We dig into Trump’s second-term reshuffle which replaced independence with centralization. Tailoring became code for deregulation, and regulators started talking less about consumer protection and more about “making community banks great again” (their shorthand for rolling back rules under the guise of helping small banks).

Next up, stablecoins. With the GENIUS Act signed into law, 2025 was their breakout year. PayPal, Klarna, SoFi, and even Wyoming launched coins. We dig into whether yield-bearing stablecoins will reshape deposit markets or just become the modern equivalent of the free toaster you used to get for opening an account.

Then, it’s the latest in the open banking saga. And then, it’s looking at gambling as our national culture. (Prediction markets like Kalshi and Polymarket became sports betting apps in all but name, monetizing financial nihilism with bets on divorces, political violence, even war.)

Finally, the IPO window reopened. Klarna, Chime, Circle, eToro, Figure, and Wealthfront all went public. (And we both agree that staying private isn’t always a sign of strength, but some structure is better than none.)

We wrap with 2026 predictions (tune in to find out!), and in Can’t Let It Go, we offer up a crypto neobank that launched with a WWE-style promo, plus eerily targeted sports betting ads on YouTube…

This episode is brought to you by Plaid.

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