A top banking regulator is on the verge of letting crypto firms become banks. Banks aren’t happy about it.
Jonathan Gould , one of the country’s most powerful banking regulators, has given the green light to crypto firms such as Ripple and Crypto.com to build banks—and is welcoming applications from others, including payment-technology companies. That is rankling the banking industry, which sees the new players as potential rivals that aren’t subject to the same level of regulatory oversight.