Over the past 3 or 4 years, I wrote a number of articles laying out the death of Hollywood. When I started writing those, many pushed backed, believing much of the basis of my conclusions were nonsense.

Here we stand at the end of 2025, and it is part of the national conversation.

Today, we are going to proclaim the death of Wall Streetn.

This is something that might seem unlikely to many. After all, New York City is the financial capital of the world. We cannot dispute the power of Wall Street institutions and the might they throw around.

Here is the problem for NYC: most of these companies are not Wall Street. They have multi-national operations that exist throughout the world. Offices are located in other cities, fulfilling strategic purposes.

Many, including myself, have talked about Wall Street 2. In this article, I will also go into Y'All Street.

Wikipedia

The Death of Wall Street

Wall Street will die. It is on the path to destruction. What was present in our lives over the past 150 years is now in rapid decline. It is only going to accelerate.

It is not crypto that is causing this although, as we will discuss, that will certainly change things.

At the core of this is simple business. When costs get too high in an area, things move. In an era where digital communication prevails, physical location is less important.

It does matter, however, when it comes to regulation, taxation, and other aspects of government. When this gets onerous, relocation occurs.

A lot is being made of the present Mayor's race in NYC. We will see how it turns out but, with what many are calling a communist as the leading candidate, it does not bode well for the city. Even without his election, the trend is in place.

From Wall Street to Y'All Street

We covered the idea of Wall Street 2. This was a name given to Miami (Southeast Florida) as it attracted a number of financial firms. Many of the largest entities opened up branches in the southeastern part of the state. It was a move that combined the relocation of many hedge funds.

Now we are getting Y'All Street.

Where is that? This is being assigned to the Dallas-Fort Worth area. This is rapidly becoming a hotbed for financial activity.

Texas is cleaning up because it offers financial firms many advantages. At the top of the list if taxation. There is no personal income tax on workers along with a much lower corporate rate. New York hits employees up at 10.9% and corporations between 6.5% and 7.25%.

As stated, this is something that was already in motion. Texas has more financial workers than New York at this point (519,000 to 507,000). Expect that gap to increase.

Starting in 2026, the Texas Stock Exchange will go live.

The U.S. Securities and Exchange Commission (SEC) on September 30, 2025, authorized the Texas Stock Exchange (TXSE) to operate as a national securities exchange. BlackRock, Citadel, Charles Schwab, and other major institutions are behind the exchange startup that will launch early next year. The TXSE plans to focus on mid-and large-cap issuers through high listing standards and a single-tier exchange model. Those behind the exchange believe that it will help increase the number of IPOs by reducing the regulatory and financial burdens.

Regulation is a major component to this discussion. When states impose too many restrictions, driving costs up, companies adjust.

We are also seeing the largest banks making moves.

Goldman Sachs plans to open a $500 million, 800,000 square-foot location in 2028 and will need to hire or relocate 5,000 employees. Goldman has always operated in Texas, but this new facility will more than double the number of employees in the area. New York remains Goldman’s largest headquarters, but that may change in the coming years as the price of business is more than anyone is willing to pay.

JPMorgan Chase has recently erected a massive 60-story, $3 billion building on 270 Park Avenue, which hosts approximately 10,000 employees. JPMorgan has over 300,000 employees worldwide, 24,000 of whom reside in NYC. However, they have 18,000 people on the ground in the Dallas-Fort Worth area and plan to expand. “It shouldn’t have been that way, but Texas loves you being there,” CEO Jamie Dimon told Bloomberg in 2023.

JPMorgan and Goldman Sachs, two of the biggest names in banking are establishing significant presences in Texas. How long until those operations outsize NYC?

The Crypto Impact

We see crypto being hijacked by Wall Street. This means that the same trend will follow.

Firms that engage in crypto will determine where the bulk of the operations reside simply through their geographic operations. If in Texas, much of the activity will take place there.

Crypto mining is already done, to a large degree, in the state. A significant portion of the US mining operations is in Texas.

With a new exchange brings more servers. This means infrastructure expands, something that could be also utilized for crypto. No company has announced anything in this regard but, my guess, is that as operations in the stated are set up, other use cases are applied.

Crypto offers the advantage it never operated in the physical world. There is no legacy system that was strung together as we moved from the trading of physical paper. Humans never physically traded crypto.

That means that any infrastructure that is built automatically can handle crypto. It is only a matter of adding another asset(s) to the listing.

Just like California is losing Hollywood, New York is seeing the impact of Wall Street diminish. Not only are there billions of dollars in tax revenue at stake, culture is also affected. These areas held great power due to their ability to influence society. Hollywood and Wall Street both capture peoples' imagination.

Wall Street is a few years behind Hollywood. For that reason, expect this conversation to ramp up as we head towards the end of the decade. Hollywood recently fell off a cliff in terms of its jobs. Wall Street will follow the same path.

It is likely that, in 2028, the headlines discuss the massive reduction in Wall Street related numbers.