Stripe Files Federal Bank Charter for Subsidiary - Stablecoin Subscription Payments on Horizon

Payments giant makes power play for banking territory while eyeing crypto integration.

The Charter Gambit

Stripe's subsidiary just dropped paperwork for a federal banking charter—the financial equivalent of bringing a tank to a knife fight. This isn't just about processing payments anymore. It's about controlling the entire financial stack.

Stablecoin Settlement Showdown

While regulators sleepwalk through crypto policy, Stripe's plotting stablecoin-powered subscription services. Because nothing says efficiency like bypassing the 3-day ACH wait with instant crypto settlements—unless you're a traditional bank, then it just says disruption.

Banking's new reality: innovate or watch fintechs eat your lunch while using your own regulatory playground. The future of payments won't wait for permission—it's building its own banking system.

Bankman-Fried Claims Authorities Targeted Him Before Key Crypto Vote

He claimed that weeks later, the SEC and DOJ “went after me,” timing his arrest just before a crypto bill he supported was due for a vote and only a day before he was scheduled to testify before Congress.

At the time, House Republicans alleged the timing appeared intended “to prevent Sam Bankman-Fried from testifying,” and demanded that Gensler turn over internal communications.

In his post, Bankman-Fried revived those suspicions, saying Gensler “conveniently lost” the relevant messages.

SEC Confirms Gensler’s Phone Wipe Erased Nearly A Year Of Texts

Last month, the SEC’s Office of Inspector General admitted that Gensler’s government-issued phone underwent an “enterprise wipe” that erased texts between Oct. 2022 and Sept. 2023. The office said the phone stopped syncing to the agency system in July 2023 and was flagged “inactive” for 62 days, despite functioning normally.

That deletion period overlapped with other major SEC enforcement steps against crypto firms, alongside FTX’s collapse in Nov. 2022 and Bankman-Fried’s December arrest in the Bahamas.

Coinbase has since accused the SEC of deleting nearly a year of Gensler’s messages, calling for sanctions over what it described as “destruction of evidence.”

Lawmakers Launch Inquiry Into SEC’s Handling Of Gensler’s Missing Messages

House Republicans have also launched an investigation into the deletion of nearly a year’s worth of text messages from former SEC Chair Gary Gensler, citing concerns about transparency, IT mismanagement, and compliance with federal record-keeping laws.

Bankman-Fried remains imprisoned at FCI Terminal Island following his conviction in one of the largest financial fraud cases in history. Prosecutors said he diverted billions in customer funds to his hedge fund, Alameda Research, using them for risky trades, real estate, and political donations.

Once hailed as a crypto prodigy and a major political donor, Bankman-Fried now faces years behind bars while continuing to insist his downfall was driven as much by politics as by mismanagement.