Everyone wants to be a bank now. Banks aren’t happy about it.

A lot of companies that are not in the banking business are suddenly applying for new US banking charters, from automakers General Motors (GM) and Stellantis (STLA) to cryptocurrency firms Circle (CRCL) and Ripple (RIPL.PVT).

Banks, not surprisingly, aren't happy about any of this.

Their fear is that many of these new entrants are seeking novel, lighter-touch charters that would, in practice, let them offer banking services while bypassing some of the regulatory obligations that traditionally come with that business.#StablecoinLaw