Bloomberg Businessweek ICYMI: The Banks of Tomorrow
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Jul 9, 2025 The rush is on as Ripple Labs and BitGo aim for national bank charters, signaling a significant shift in how crypto firms engage with traditional finance. The discussion delves into the challenges and opportunities of merging digital assets with established financial systems. Additionally, the podcast highlights how companies like Chime operate outside conventional banking structures and explores the implications of these evolving regulations. With major banks showing interest in stable coins, the future of finance is undeniably transforming.
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Crypto Firms Seek Bank Charters
- Ripple Labs and BitGo applying for national bank charters show tech firms bridging traditional finance and crypto.
- There is a rising trend of non-bank fintech and crypto companies seeking bank status to expand services.
Bank Charters Offer Stability
- Fintech firms like Chime rely on partner banks to handle deposits and lending.
- Becoming a bank themselves grants fintechs more control and stability in their financial operations.
Regulatory Climate Affects Bank Approvals
- Having a bank charter allows companies to do more independently and gain leverage in financial dealings.
- The Trump administration showed more willingness to grant bank charters, unlike the Biden era which stalled progress.