Recent decisions by U.S. regulators have lifted the requirements set during the Biden administration, allowing banks to interact with digital assets without seeking explicit authorization from regulators. This move marks the end of the "Stifling Point 2.0" era of strict regulation, enabling crypto companies to directly access the Federal Reserve's payment systems and accept deposits in their own name without third-party intermediaries. This means a significant barrier to institutional capital entering the crypto ecosystem has been removed.
Under the leadership of Jonathan Gould, the Office of the Comptroller of the Currency (OCC) has shifted its regulatory approach from "permission first" to allowing any activity that is not explicitly prohibited. This enables crypto firms to utilize the Federal Reserve's payment channels, such as FedNow and Fedwire, thereby speeding up transaction times, reducing costs, and bypassing traditional intermediaries. While the integration of stablecoins is still under review, a key report from the White House's Digital Assets Working Group is expected to be released in July 2025. In the meantime, the OCC is rapidly implementing changes using its existing powers.
Gould has actively invited companies like Ripple and Crypto.com to apply for national bank charters. Additionally, with the removal of the "regulatory approval" condition in 2021, the processes for stablecoins and custody services are being streamlined.
Some industry observers emphasize that the true goal for the U.S. may not just be the current stablecoin market, but rather the tokenization of traditional bank deposits, which has a much larger market size. Caitlin Long, CEO of Custodia Bank, pointed out that tokenized bank deposits will play a crucial role in the next phase of the industry.
These developments pose a direct threat to traditional banks. As crypto companies gain access to national bank charters, they not only become competitors for customers but also for deposit funds. In response, five major regional banks have established the Cari network, a blockchain-based payment platform designed to facilitate the transfer of tokenized deposits. This enables faster and more secure transactions on the blockchain.
Forecasts indicate that the stablecoin market could reach $3 trillion between 2023 and 2030. If banks fail to provide crypto custody and stablecoin payment solutions, they risk losing their competitive edge in the rapidly evolving payments sector to fintech rivals. Meanwhile, traditional banking lobbyists are pushing for increased regulatory scrutiny, arguing that new market participants may circumvent critical capital requirements. Potential intervention from the U.S. Congress could also complicate the full realization of the benefits of these new bank charters. Although a significant legal barrier has been removed, the industry still faces numerous practical challenges.