Our archives on Russell Pereira

The institutions setting the terms for tokenised and artificial-intelligence-native finance this week were not the challengers. They were the incumbents and their regulators, each moving on a timetable of its own choosing rather than the market's. A central bank launched settlement infrastructure it built itself. Two American regulators said they would write crypto rules without Congress. A neobank opened a stablecoin-linked US account before its banking charter had cleared. None of this waited for consensus, and banks that are still waiting for one are already behind.

We think this week shows that banking's fastest-growing frontier is now regulatory access, not invention. Crypto-native start-ups and global consumer banks alike are being handed the same full charters, licences and central bank rails that incumbents spent a century building, while the underlying technology itself is not new. What has changed is that supervisors are now willing to stamp it, and banks that treated tokenisation and stablecoins as someone else's experiment are discovering the licensing queue has a limit.

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