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Home»Politics
Politics

Circle and Coinbase, major players in the cryptocurrency world, are reportedly considering obtaining US banking licenses as regulations become more lenient

News RoomBy News Room2 months ago0 ViewsNo Comments2 Mins Read
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The growing trend of leading crypto firms applying for banking licenses in the US is a significant development in the industry. Companies such as Circle, Coinbase, BitGo, and Paxos are reportedly taking advantage of pro-crypto sentiment in Washington to pursue long-term plans. These firms are exploring different types of licenses depending on their business models, ranging from national trust or industrial bank charters to more limited licenses focused on stablecoin issuance and custody services.

This shift represents a major reversal from the past few years, when the relationship between the crypto sector and traditional banks was tense. Regulatory warnings from institutions like the FDIC led to de-banking across the industry. However, obtaining banking licenses could potentially bridge this gap and allow for greater collaboration between crypto companies and the financial system. This move is seen as a positive step towards closer integration of the crypto industry into the mainstream financial landscape.

In addition to domestic crypto firms seeking banking licenses, major global banks such as Deutsche Bank and Standard Chartered are also looking to expand their crypto services into the US market. Despite previously distancing themselves from cryptocurrency, these institutions are now expressing interest in the sector due to increasing regulatory clarity. With the Trump administration’s pro-crypto stance and efforts to engage with US lawmakers and regulators, the industry is experiencing a shift towards wider acceptance and adoption among traditional financial institutions.

President Trump’s policies have signaled that digital assets are a vital part of the country’s financial future, prompting regulatory agencies like the SEC to review existing guidance. The goal is to attract more participants to the crypto sector by removing ambiguity and establishing a more predictable legal framework. This regulatory clarity is expected to create a conducive environment for the industry to thrive and attract further investment and innovation. Overall, the trend of crypto firms and global banks entering the US market signifies a growing acceptance and integration of digital assets into the mainstream financial system.

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