On July 23, 2025, Federal Reserve Chairman Jerome Powell clearly stated in a regulatory speech that the Federal Reserve supports competitive banking policies, encourages large banks to have greater operational freedom, and promotes integration with non-bank institutions and foreign banks. This statement not only highlights the Federal Reserve's open attitude towards innovation in the banking industry but may also bring profound changes to the global financial landscape. Industry insiders point out that Powell's policy signals could reshape the cooperation model between banks and financial technology and have potential impacts on the regulatory environment for digital currencies.

Powell's Speech: Open Innovation and Competitive Freedom

In a recent Federal Reserve event, Powell emphasized an open attitude towards new ideas for improving the banking capital framework. He pointed out that competitive freedom is the cornerstone of healthy development in the banking industry, and the Federal Reserve is committed to creating a more favorable competitive environment for large banks through policy adjustments. Powell specifically mentioned encouraging large banks to strengthen ties and cooperation with non-bank institutions (such as fintech companies) and foreign banks to promote innovation and efficiency in financial services.

This policy direction aims to break down regulatory barriers between traditional banks and emerging fintech, fostering a more integrated financial ecosystem. By reducing regulatory obstacles, large banks may gain greater flexibility to co-develop new products and services with fintech companies, thereby expanding customer coverage and enhancing market competitiveness. Powell stated that the Federal Reserve will continue to welcome industry feedback to optimize the banking capital framework and ensure that policies adapt to the rapidly changing global financial environment.

Industry Impact: Accelerated Integration of Banks and Fintech

Powell's speech has sparked widespread attention in the financial community. Although the market's short-term reaction has been relatively muted, industry experts believe that this policy signal could have far-reaching effects on the regulatory and competitive strategies of the banking industry. Analysis from Coincu indicates that the Federal Reserve's open attitude may indirectly benefit the regulatory environment for digital currencies and blockchain technology. Financial institutions may leverage regulatory flexibility to adjust strategies for better integration of banking and fintech solutions, driving digital transformation and cross-border cooperation.

Historically, the Federal Reserve took similar measures after the 2008 financial crisis, promoting the development of fintech and international cooperation by easing regulations. Today, Powell's latest statement is seen as a continuation of this strategy. Large banks may seize this opportunity to accelerate cooperation with fintech startups and foreign banks, developing innovative products such as digital payment systems and blockchain settlement platforms, thereby securing a more advantageous position in the global financial market.

Powell's speech not only instills policy confidence in large banks but also provides development opportunities for the fintech industry. A more integrated banking landscape may bring about the following changes:

• Deepened cross-sector cooperation: Large banks and fintech companies may engage in closer collaboration in areas such as payments, lending, and asset management, launching more competitive products.
• Cross-border financial integration: The participation of foreign banks may accelerate the interconnectedness of global financial markets, facilitating cross-border payments and investments.
• Looser regulation of digital currencies: The Federal Reserve's open attitude may provide more flexibility for the regulatory framework of digital currencies and stablecoins, promoting their application in mainstream finance.

However, policy adjustments may also bring challenges. For example, the reduction of regulatory barriers could intensify market competition, putting greater survival pressure on small and medium-sized banks. Additionally, rapid integration may trigger new risks, such as data security and compliance issues, requiring regulatory agencies to further clarify details.

Powell's policy signals resonate with global financial regulatory trends. For instance, South Korea's recent restrictions on cryptocurrency stocks in ETFs reflect a cautious attitude from regulators towards emerging financial assets, while the Federal Reserve's open policy showcases a different approach. In contrast, the Federal Reserve focuses more on driving financial market development through competition and innovation while remaining vigilant against systemic risks.

The competitive freedom policy for large banks advocated by Federal Reserve Chairman Powell opens a new window for the integration of banking and fintech. This initiative may not only reshape the global banking landscape but also provide potential opportunities for the application of digital currencies and blockchain technology. However, the effectiveness of policy implementation still needs to be observed, and the balance between regulatory flexibility and risk control will be key. In the future, how the Federal Reserve finds the best path between innovation and stability will have a profound impact on the global financial market.

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