US President Donald Trump handed crypto companies a huge win last year when he signed a piece of legislation to regulate an important part of the digital currency world: stablecoins. But ever since then, Wall Street banks have been fighting to change parts of the law. The FT’s digital markets correspondent Nikou Asgari explains what’s provoked US banks and who might have the upper hand in this conflict.

Clips from Bank of America, CBS News, CNBC, CNN, Forbes, Fox 5 Atlanta, JPMorgan Chase, The White House

The FT does not use generative AI to voice its podcasts.

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For further reading:

The stablecoin war: Wall Street vs crypto over the future of money

Bitcoin and crypto stocks surge amid relief rally for risky assets

Global crypto assets hit $4tn as industry wins backing of US lawmakers

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Follow Nikou Asgari on X (@nikasgari), or on Bluesky (@nikasgari.bsky.social). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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Wall Street and crypto battle over the future of money

The Story of Money