and security models. The process of financial innovation also advanced enormously in the first few decades of the 21st century, increasing the importance and profitability of nonbank finance. Such profitability priorly restricted to the non-banking industry, has prompted the Office of the Comptroller of the Currency (OCC) to encourage banks to explore other financial instruments, diversifying banks' business as well as improving banking economic health. Hence, as the distinct financial instruments are being explored and adopted by both the banking and non-banking industries, the distinction between different financial institutions is gradually vanishing. For example, in 2020, the OCC muddled the distinction between traditional banking and the cryptocurrency ecosystem when it published a number of interpretive letters clarifying national banks' ability to custody cryptocurrency and provide banking services to cryptocurrency companies, as well as use blockchain innovations like stablecoins as settlement infrastructure. In addition, in 2021, the OCC granted its first federal banking charter to Anchorage Digital, a digital asset platform for institutions. 2007–2008 financial crisis The financial crisis of 2007–2008 caused significant stress on banks around the world. The failure of a large number of major banks resulted in government bail-outs. The collapse and fire sale of Bear Stearns to JPMorgan Chase in March 2008 and the collapse of Lehman Brothers in September that same year led to a credit crunch and global banking crises. In response governments around the world bailed-out, nationalised or arranged fire sales for a large number of major banks. Starting with the Irish government on 29 September 2008, governments around the world provided wholesale guarantees to underwriting banks to avoid panic of systemic failure to the whole banking system. These events spawned the term 'too big to fail' and resulted in a lot of discussion about the moral hazard of these actions. Major events in the history of banking 1100 – Knights Templar run earliest European wide/Mideast banking until the 14th century. 1397 – The Medici Bank of Florence is established in Italy and operates until 1494. 1542 – The Great Debasement, the English Crown's policy of coin debasement during the reigns of Henry VIII and Edward VI. 1553 – The first joint-stock company, the Company of Merchant Adventurers to New Lands, was chartered in London. 1602 – The Amsterdam Stock Exchange was established by the Dutch East India Company for dealings in its printed stocks and bonds. 1609 – The Amsterdamsche Wisselbank (Amsterdam Exchange