The finance industry is facing a crisis of trust characterized by aggressive pricing and risk-taking, as exemplified by JP Morgan's decision to impose fees for open banking access. This move has sparked controversy amid a backdrop of high inflation and a multi-polar world, highlighting the tensions between traditional banks and fintech companies. The article discusses the implications of these developments, including a record IPO for a crypto-holding company, and raises questions about the future of financial regulation and consumer trust in the industry.

Financial technology companies are increasingly pursuing US bank charters to gain access to stable financing options. The number of applications has surged during President Trump's second term, reflecting a favorable regulatory environment that encourages fintechs to establish banking arms.