Bitcoin will soon pass the Federal Reserve's stress tests in 2026, creating a huge capital risk for regulated banks.

With IBIT close to $70 billion and G-SIB broker-dealers acting as authorized participants, margin and liquidity shocks are getting harder to ignore. Pierre Rochard's call for the Federal Reserve to integrate Bitcoin into its stress tests came at an unusual time: The Fed is seeking public comment on its 2026 scenarios while also proposing new transparency requirements in how it builds and updates those models.