Cambios regulatorios y reequilibración competitiva en los servicios financieros: ¿La gran tecnología está siendo investigada, y el resurgimiento de los bancos tradicionales?

The financial services landscape in 2025 has been reshaped by a wave of regulatory reforms, creating both challenges and opportunities for traditional banks as they navigate the encroachment of Big Tech and fintech firms. Central to these changes is the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), which established a federal framework for stablecoin issuance, allowing nonbanks-including technology giants-to enter the banking sector through charters like industrial loan companies (ILCs). This shift, coupled with a broader regulatory pivot toward digital innovation and risk-based supervision, has sparked a strategic rebalancing in the industry. For traditional banks, the question now is whether these regulatory recalibrations can serve as a catalyst for resurgence or if they will further erode their market position.

Regulatory Reforms: A Double-Edged Sword

The GENIUS Act exemplifies the U.S. government's push to modernize financial infrastructure while addressing systemic risks. By permitting nonbanks to issue stablecoins, the law has lowered barriers for Big Tech firms to access banking functions such as deposits, lending, and payment services. PayPal's December 2025 application for a Utah-chartered ILC, for instance, underscores how technology companies are leveraging these regulatory openings to bypass the Bank Holding Company Act and operate with greater flexibility.

However, the same regulatory environment has also introduced clarity and flexibility for traditional banks. The Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) have issued guidance affirming that national banks can engage in digital asset activities, including custody and staking. This signals a departure from rigid procedural compliance toward a risk-focused supervisory model, enabling banks to innovate without sacrificing safety and soundness. For community banks, regulators have further reduced compliance burdens by adjusting capital and liquidity thresholds, fostering a more level playing field.

Competitive Dynamics: Big Tech's Threat and Traditional Banks' Resilience

Big Tech's foray into financial services is driven by their ability to scale rapidly and integrate advanced technologies like AI and blockchain. Firms like PayPal are not merely seeking to offer payment solutions but are aiming to redefine banking itself by bringing functions such as small-business lending in-house. This poses a direct challenge to traditional banks, which often struggle with legacy systems and higher compliance costs.

Yet, the regulatory shifts of 2025 may also curtail Big Tech's dominance. The Federal Reserve and FDIC have signaled plans to clarify the permissible scope of digital asset activities, addressing uncertainties that could otherwise favor nonbank entrants. Additionally, efforts to eliminate "politicized debanking" and update fair lending frameworks have reduced regulatory friction for banks, enabling them to serve a broader customer base without fear of politicized scrutiny. These measures, combined with the FDIC's expanded deposit insurance coverage, could help traditional banks retain customer trust and market share.

Strategic Rebound: How Traditional Banks Can Adapt

For traditional banks to capitalize on these regulatory shifts, they must prioritize three key strategies:

1. Digital Modernization: Embracing blockchain and AI-driven compliance tools is no longer optional. As highlighted in industry reports, banks that modernize their infrastructure can meet real-time payment demands and compete with fintechs in areas like digital asset custody.
2. Collaborative Innovation: Partnering with fintechs and leveraging regulatory flexibility-such as through ILC charters-can help banks scale digital offerings while maintaining compliance.
3. Risk-Based Governance: Aligning risk management frameworks with the new regulatory focus on material risk, rather than procedural compliance, will enhance agility and investor confidence.

Conclusion: A Path Forward

The regulatory landscape of 2025 has undeniably tilted the competitive balance in favor of Big Tech, but it has also created openings for traditional banks to innovate and adapt. By leveraging risk-focused supervision, reducing compliance burdens, and accelerating digital transformation, traditional banks can not only defend their market position but also reclaim leadership in a rapidly evolving industry. The coming year will test whether these institutions can harness regulatory shifts as a strategic advantage-or risk being outpaced by the very technology they once sought to regulate.