The Coin Rise 2025-03-19 10:35:42

Crypto Firms Chase Bank Charters Amid Regulatory Shift Under Trump: Report

Crypto and fintech firms are increasingly seeking bank charters in the United States, capitalizing on what they perceive as a friendlier regulatory environment under the Trump administration. According to a Reuters report , which interviewed several industry executives, the trend reflects growing efforts by crypto companies to expand their legitimacy and access to traditional financial services. The shift comes as the Trump administration signals openness to financial innovation, particularly in the digital asset space. Since taking office, President Trump has introduced several crypto-focused initiatives, including forming a working group, signing an executive order to create a national Bitcoin reserve, and hosting the first-ever White House crypto summit . This pro-crypto stance is creating opportunities for firms to pursue bank charters—licenses that previous administrations were slow to approve. While the potential rewards of gaining a bank charter are clear—greater credibility, access to lower-cost capital, and the ability to accept deposits—the process remains challenging. It can cost tens of millions of dollars to start a bank, making it a risky yet potentially lucrative move. Growing Interest Despite Regulatory Challenges Historically, crypto firms in the US have rarely pursued bank charters, but a few have successfully made the leap. For example, Kraken became the first crypto exchange to secure a bank charter in Wyoming in 2020. Anchorage Digital Bank followed suit with a charter approval in January 2021, while crypto lender Nexo acquired a stake in a federally chartered bank through a holding company in 2022. However, the path to becoming a bank is fraught with regulatory hurdles. Companies seeking charters must comply with anti-money laundering (AML) regulations and adhere to the Bank Secrecy Act, which demands rigorous customer verification and transaction monitoring. Additionally, the increased centralization and oversight that comes with a bank charter may seem contradictory to the decentralized ethos of the crypto world . Crypto’s Growing Push into Traditional Finance Yet, the financial advantages are hard to ignore. Firms with bank charters can reduce capital costs by accepting customer deposits, giving them a competitive edge over non-chartered rivals The Trump administration’s crypto-friendly stance is prompting firms to reconsider their business models, with more companies eyeing bank charters as a means to scale operations and build trust with both regulators and the public. The post Crypto Firms Chase Bank Charters Amid Regulatory Shift Under Trump: Report appeared first on TheCoinrise.com .

Наиболее читаемые новости

Pakistan Expands Crypto Trading Offerings Ami...
2025-03-20
Coinbase Releases New Report: "We Are the Lea...
2025-03-20
Cathie Wood Issues Memecoin Warning, Says ‘Mi...
2025-03-20
The hottest investment trends in 2025: Five w...
2025-03-20
Trust Wallet Launches 0 Fee Swaps on Binance...
2025-03-20
Kraken inks $1.5 billion deal to acquire Ninj...
2025-03-20
Xandeum introduces pNodes, a storage scaling...
2025-03-20
Uniswap Passes $165M Funding Plan After DAO V...
2025-03-20

Связанные новости

Прочтите Отказ от ответственности : Весь контент, представленный на нашем сайте, гиперссылки, связанные приложения, форумы, блоги, учетные записи социальных сетей и другие платформы («Сайт») предназначен только для вашей общей информации, приобретенной у сторонних источников. Мы не предоставляем никаких гарантий в отношении нашего контента, включая, но не ограничиваясь, точность и обновление. Никакая часть содержания, которое мы предоставляем, представляет собой финансовый совет, юридическую консультацию или любую другую форму совета, предназначенную для вашей конкретной опоры для любых целей. Любое использование или доверие к нашему контенту осуществляется исключительно на свой страх и риск. Вы должны провести собственное исследование, просмотреть, проанализировать и проверить наш контент, прежде чем полагаться на них. Торговля - очень рискованная деятельность, которая может привести к серьезным потерям, поэтому проконсультируйтесь с вашим финансовым консультантом, прежде чем принимать какие-либо решения. Никакое содержание на нашем Сайте не предназначено для запроса или предложения