The world of financial services is always evolving, but recently there are signs of a seismic shift. At the heart of this transformation is the rise of cryptocurrencies. Digital assets like Bitcoin, Ethereum, and a host of others – including stablecoins – have moved from the fringes of the financial system to the forefront, capturing the attention of investors, regulators, and, increasingly, traditional banks. As the cryptocurrency market continues to mature, one question that is becoming increasingly urgent to answer is whether banks in the United States should be permitted to own cryptocurrencies. If banks are to remain relevant in…

Buried in a footnote of a nearly five-year-old regulatory letter, IL 1170, the national banking regulator, the Office of the Comptroller of the Currency (OCC), opened the door for national banks to participate in the cryptocurrency marketplace. The potential to modernize the financial services system and to provide a safe environment for customers to transact in cryptocurrency was never realized because the banking regulatory agencies under the Biden administration, while never retracting the letter, essentially refused to acknowledge the existence and validity of that official publication, IL 1170. Fast forward to March 7, 2025, and the OCC’s new publication, Interpretive…

The U.S. job market has taken a very worrisome turn for the worst. Data released by global outplacement and business and executive coaching firm, Challenger, Gray, and Christmas Incorporated, shows that in just the first two months of this year, 221,812 Americans have lost their jobs. These job cuts are 33% higher than for the entire 12 months of 2024. February’s layoffs were the highest monthly job cuts level since July 2020, when factories and offices globally were being forced to shut because of the severity of the Covid pandemic. In recent decades, the only February that was worse for…

Digital assets, beginning with cryptocurrency and evolving rapidly to include tokenized forms of money and financial instruments, have been with us for well over a decade now. In the beginning they existed on the fringes of established financial systems, but as the world slowly became more accustomed to them, and as they evolved to include central bank digital currencies (CBDCs) and stablecoins, this changed. Stability and utility allowed for a genuine appreciation of the benefits that the underlying technology enables: efficiency, accessibility, transparency, security, and always on availability. So much progress has been made that we are no longer the…

A slew of economic data is signaling that a Trumpcession is around the corner. The impending economic contraction, and possibly a recession, is primarily being caused by Trump’s tariffs and the chaotic lay-off of federal workers. Additionally, deportations of undocumented immigrants, as well as the fear thereof, is causing significant uncertainty in several important economic sectors such as construction, farming, hospitality, poultry, and small businesses. On Monday, a closely watched model of Gross Domestic Product level, the Federal Reserve Bank of Atlanta’s GDPNow, estimated significant decline of 2.8% in annualized growth for this quarter. This is a sharp contrast from…

In my last column, I likened artificial intelligence to the wizard in “The Wizard of Oz.” It received a good reaction so I wanted to continue with the theme of Hollywood movies— and look at how companies can help offset the huge cost of artificial intelligence adoption by joining forces with technology providers and other potential partners. Since it’s Oscars season, I thought I’d find a contender for best picture that could work as a metaphor. I looked through the nominees: “The Substance?” No, AI adoption should not be a horror show. “Conclave?” No, with AI strategies, it’s better to…

In a stunning decision that could redefine the financial landscape of the United States, President Donald Trump announced today the formation of a U.S. Crypto Strategic Reserve. This move signals a dramatic shift in the government’s stance on digital assets, integrating major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), XRP, and Cardano (ADA) into the country’s financial infrastructure. The announcement immediately sent shockwaves through the crypto market, with prices soaring as investors reacted to the news. A Bold Move Toward Digital Finance With A Crypto Reserve The decision to establish a national reserve of cryptocurrencies represents an acknowledgment of the…

A financial reckoning is coming—and we are not prepared. For years, climate scientists have warned us of rising temperatures, extreme weather, and ecological breakdown. Now, the very people who calculate financial risk—actuaries—are sounding the alarm. Their latest report projects a 50% collapse in global GDP within decades. That’s not a recession. That’s economic devastation on a scale we’ve never seen. Entire industries could crumble. Pensions could vanish. Insurance could become unaffordable. The financial foundation of modern life is at risk—and yet, mainstream economic forecasts still assume “business as usual.” Why? According to a new report by the Institute and Faculty…

Until recently, the U.S. banking system has been strong because of sensible bank regulations implemented during the President Obama and Biden administrations. Yet, around the world numerous countries do not have anywhere near as stable banking systems as the U.S. does. Weak banking systems should worry us all, not only because bank implosions hurt ordinary citizens, but also because they often cause sovereigns to default on their government debt. Sovereign defaults, in turn, cause even more problems for citizens such as increases in unemployment, social instability, and in worst cases, can lead residents to turn to crime and even terrorism.…

Chime, the largest digital bank in America, grew its revenue to $1.7 billion in 2024, an increase of roughly 30% from 2023, according to a person familiar with its finances. The San Francisco company wasn’t profitable for the year, but it lost less than $50 million, the person said. That was a significant narrowing from 2023, when it burned about $200 million. Chime has also reached eight million active customers, up from seven million in the first half of 2024, according to another person familiar with its business. Those positive trends all suggest it is on track with its plans…