Technology is disrupting the U.S. banking industry. Cryptocurrency firms are trying to compete directly with America’s largest banks in pursuit of the financial assets of the country’s households and businesses. But the crypto firms that want to collect customer deposits do not want to be subject to the capital requirements and banking regulations that govern America’s biggest banks. In effect, the crypto companies are trying to become banks without regulatory oversight.

The fight between banks and the crypto industry has grown so intense that America’s leading bank executive, Jamie Dimon, the CEO of JPMorgan Chase, reportedly physically accosted Brian Armstrong, a prominent crypto executive, in a coffee shop in Switzerland. Both executives were attending the World Economic Forum in Davos.

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