With the support of the Trump administration and regulatory relaxation, companies like Circle and Bitgo are striving to become full-fledged financial institutions.
According to the report, cryptocurrency companies are knocking on the closed doors of the US banking system. This time, someone is listening.
Crypto Companies Seek Bank Licenses... Wall Street's Doors Reopening
Cryptocurrency companies that have long been marginalized are now returning through the front door of the US banking system.
The Wall Street Journal reported that several major companies, including Circle and Bitgo, are preparing to apply for bank licenses or financial licenses.
Traditional banks are also responding to the changes. US Bank is relaunching its cryptocurrency custody program through NYDIG, and Bank of America (BofA) stated that it will issue stablecoins when the legal framework is established.
Global corporations are also taking note. A consortium including Deutsche Bank and Standard Chartered is evaluating the expansion of cryptocurrency operations in the US.
While details are scarce, this interest indicates that cryptocurrency is no longer a niche market but a competitive frontier.
These companies are aiming for the legitimacy and accessibility of traditional lending institutions. This includes holding deposits, issuing loans, and launching stablecoins under regulatory supervision.
This moment is not coincidental. The sharp turn in federal policy, driven by President Trump's promise to make the US a Bitcoin powerhouse, reopened regulatory paths that had closed after the FTX collapse.
Simultaneously, Congress is pushing a stablecoin bill that requires issuers to obtain federal or state licenses.
The push for banking status is part of a broader effort to legitimize cryptocurrency within US finance. Earlier this year, regulators withdrew major restrictions, including the controversial SEC's SAB 121 that prevented banks from holding cryptocurrencies on behalf of customers.
Meanwhile, Federal Reserve Chair Jerome Powell confirmed that banks can service cryptocurrency customers if appropriate risk management strategies exist.
Additionally, the Office of the Comptroller of the Currency (OCC) clearly stated that banks can provide stablecoin and custody services. However, this must comply with established banking regulations.
These signals have encouraged cryptocurrency companies that previously kept their distance. Anchorage Digital, the only US crypto-native company with a federal bank charter, says the regulatory burden is significant but worthwhile.
"It wasn't easy... all the regulatory and compliance obligations of a bank can intertwine with the cryptocurrency industry." – Anchorage CEO Nathan McCauley
McCauley mentioned compliance costs in the tens of millions of dollars. Nevertheless, Anchorage has collaborated with BlackRock, Cantor Fitzgerald, and Copper to conduct advanced custody and lending programs.
Bitgo is set to custody the reserves of the Trump-related stablecoin USD1 and is getting closer to applying for a bank license.
Circle, the issuer of USDC, is also pursuing a license and avoiding competition like Tether. This is the entry of traditional finance (TradFi) into stablecoins.
The company postponed its IPO this month due to market turmoil and financial uncertainty. However, insiders say regulatory clarity remains the top priority.
Companies like Coinbase and Paxos are also considering industrial bank or trust licenses to legally expand their financial services.
On the policy front, venture firm a16z requested that the SEC modernize cryptocurrency custody rules for investment companies. This reflects the industry's desire for clarity and equality.
