Banking with Interest All I Want for Xmas Is a OCC Digital Charter
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Dec 17, 2025 Ian Katz, managing partner at Capital Alpha Partners, dives into the recent OCC approval of five crypto-related charters, detailing the implications for the banking industry. He argues that crypto stands as the key regulatory battleground, with banks poised to challenge these approvals. Katz also discusses the potential for increased M&A activity in 2026 and highlights legislative uncertainties around crypto market-structure bills. With predictions for the Fed's leadership and a nuanced look at housing policy, Katz offers a comprehensive view of the future banking landscape.
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Coordinated Deregulatory Push
- The administration, Treasury, and bank regulators are pursuing an aggressive deregulatory agenda with urgency.
- Expect concrete changes on Basel, stress tests, and other reforms in 2026 driven by that alignment.
M&A Is The Biggest Wildcard
- Large bank M&A remains a wildcard that could reshape the industry beyond regulatory changes.
- A single big deal could trigger a wave of follow-on transactions and strategic shifts across banks.
Crypto Trumps Other Priorities
- Crypto is the regulatory battleground because startups are entering banks' turf with favorable treatment.
- Outcomes on stablecoin and market-structure legislation will strongly affect incumbent banks' competitive landscape.