US Fintech Landscape for 2025
With the change of presidential administrations in January, there has been a significant shift in the landscape for financial technology companies in the United States for 2025 and beyond. First, the new administration immediately declared the United States’ leadership in digital financial technology, aimed at broadly expanding the role of digital currency in the American economy. Shortly after that, the Department of Justice announced a singular focus on “the total elimination of Cartels and Transnational Criminal Organizations,” moving away from the prior administration’s focus on the corporate misconduct and compliance and toward violent crime, terrorism, and drug trafficking. At the same time, the new administration has undertaken a complete upheaval of the federal regulatory framework, working to abolish the federal Consumer Financial Protection Bureau (CFPB), and weaken and consolidate federal prudential regulators such as the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and Office of Comptroller of the Currency (OCC).
Moving forward in 2025, we expect to see the following trends and risks:
- The prior administration’s heavy skepticism about “novel” financial products and services, particularly cryptocurrency, has been turned upside down. Previously, banking regulators strongly limited banks and other financial services providers ability to engage with cryptocurrency. Now, those limits are being removed, which will lead to wider availability and adoption of cryptocurrency products and services for both investments and payments. Additionally, new legislation providing for broader availability of digital stablecoins, which are backed by a reserve value of fiat currency, seems likely.
- In the absence of strong federal regulation and oversight, the states are already preparing to take a more active role in supervision and enforcement of financial technology platforms aimed at protecting consumers and fighting financial crime. New York and California are existing leaders in this area, with other states like Washington, Texas, Florida, and Illinois active as well. This means that fintech companies will be facing multiple regulators across the United States, with less certainty about how regulatory requirements apply in each jurisdiction. Civil lawsuits by consumers alleging harm are also likely to be an increased risk.
- As new financial products and services expand with the government’s reduction of regulatory barriers and burdens, the focus for law enforcement will be on fighting fraud and other financial crimes, and enforcing anti-money laundering and sanctions screening laws, as these remain bipartisan issues.
For 2025 and beyond, we anticipate a greater openness to fintech platforms in the United States, but less certainty in the federal and state regulatory environment.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Related Attorneys
Related Articles
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
With the change of presidential administrations in January, there has been a significant shift in the landscape for financial technology companies in the United States for 2025 and beyond. First, the new administration immediately declared the United States’ leadership in digital financial technology, aimed at broadly expanding the role of digital currency in the American economy. Shortly after that, the Department of Justice announced a singular focus on “the total elimination of Cartels and Transnational Criminal Organizations,” moving away from the prior administration’s focus on the corporate misconduct and compliance and toward violent crime, terrorism, and drug trafficking. At the same time, the new administration has undertaken a complete upheaval of the federal regulatory framework, working to abolish the federal Consumer Financial Protection Bureau (CFPB), and weaken and consolidate federal prudential regulators such as the Federal Reserve Board (FRB), the Federal Deposit Insurance Corporation (FDIC), and Office of Comptroller of the Currency (OCC).
Moving forward in 2025, we expect to see the following trends and risks:
- The prior administration’s heavy skepticism about “novel” financial products and services, particularly cryptocurrency, has been turned upside down. Previously, banking regulators strongly limited banks and other financial services providers ability to engage with cryptocurrency. Now, those limits are being removed, which will lead to wider availability and adoption of cryptocurrency products and services for both investments and payments. Additionally, new legislation providing for broader availability of digital stablecoins, which are backed by a reserve value of fiat currency, seems likely.
- In the absence of strong federal regulation and oversight, the states are already preparing to take a more active role in supervision and enforcement of financial technology platforms aimed at protecting consumers and fighting financial crime. New York and California are existing leaders in this area, with other states like Washington, Texas, Florida, and Illinois active as well. This means that fintech companies will be facing multiple regulators across the United States, with less certainty about how regulatory requirements apply in each jurisdiction. Civil lawsuits by consumers alleging harm are also likely to be an increased risk.
- As new financial products and services expand with the government’s reduction of regulatory barriers and burdens, the focus for law enforcement will be on fighting fraud and other financial crimes, and enforcing anti-money laundering and sanctions screening laws, as these remain bipartisan issues.
For 2025 and beyond, we anticipate a greater openness to fintech platforms in the United States, but less certainty in the federal and state regulatory environment.
This article is available in the Jenner & Block Japan Newsletter. / この記事はJenner & Blockニュースレターに掲載されています。
Related Attorneys
Related Articles
Related Capabilities
© 2026 Jenner & Block LLP. Attorney Advertising. Jenner & Block LLP is an Illinois Limited Liability Partnership including professional corporations. This publication, presentation, or event is not intended to provide legal advice but to provide information on legal matters and/or firm news of interest to our clients and colleagues. Readers or attendees should seek specific legal advice before taking any action with respect to matters mentioned in this publication or at this event. The attorney responsible for this communication is Brent E. Kidwell, Jenner & Block LLP, 353 N. Clark Street, Chicago, IL 60654-3456. Prior results do not guarantee a similar outcome. Jenner & Block London LLP, an affiliate of Jenner & Block LLP, is a limited liability partnership established under the laws of the State of Delaware, USA and is authorised and regulated by the Solicitors Regulation Authority with SRA number 615729. Information regarding the data we collect and the rights you have over your data can be found in our Privacy Notice. For further inquiries, please contact dataprotection@jenner.com.
News and Insights
Publications
Meghan Greenfield Discusses Top Environmental Policies to Watch in Law360
Partner Meghan Greenfield spoke to for an article highlighting the key environmental regulatory developments expected in the second half of 2026. Meghan discussed the legal reasoning the agency may rely on as it considers further rulemaking addressing greenhouse gas pollution, and hurdles the agency may face.
July 22, 2026
Publications
Partner Meghan Greenfield Quoted in The Associated Press on Offshore Wind and National Security
Partner Meghan Greenfield spoke with The Associated Press for an article examining the Trump Administration's use of national security justifications to halt offshore wind development.
July 21, 2026
Podcasts
Partner Laurel Loomis Rimon Discusses Fintech Enforcement, Debanking, and Regulatory Risk on Fintech Layer Cake Podcast
Partner Laurel Loomis Rimon was featured on the Fintech Layer Cake podcast, where she discussed how fintech enforcement and prosecution actually work in practice, and what exposes fintechs and banks to regulatory risk.
July 15, 2026
Event
Partner Suedeen Kelly to Speak at ABA SEER's 34th Fall Conference
On Thursday, October 15, Partner Suedeen Kelly will speak on a panel at the American Bar Association's Section of Environment, Energy, and Resources (ABA SEER) 34th Fall Conference in Albuquerque, New Mexico.
October 15, 2026
Publications
Supreme Court Clarifies Scope of Private Rights of Action Under the Investment Company Act, Private Equity Law Report
Partners Charles Riely, Todd C. Toral, and Martin Glass authored a guest article for Private Equity Law Report examining the US Supreme Court's June 11, 2026, ruling on the scope of private rights of action under the Investment Company Act of 1940.
July 14, 2026
Podcasts
Associate Christian Hatten Featured on Georgetown Law's NatSec EmTech Podcast
Associate Christian Hatten was featured on Georgetown Law's NatSec EmTech podcast, where he joined Professor Laura K. Donohue to discuss how radio spectrum is regulated and why it has become increasingly critical to space, telecommunications, and national security.
July 9, 2026