Cryptocurrency companies, including Ripple, Circle, BitGo, and Kraken, have begun a mass entry into the banking services market in the United States. They aim to take advantage of the favorable regulatory conditions that emerged during Donald Trump’s presidency.
This is reported by Business • Media
Increased Activity of Crypto Companies in the Financial Sector
In response to the changing political landscape and support for digital assets, leading crypto players are seeking to establish themselves within the traditional financial system of the USA. In particular, companies like Ripple, Circle, and BitGo have already applied for national trust charter banking licenses, allowing them to hold client assets and conduct payment operations. Meanwhile, the cryptocurrency exchange Kraken is preparing to launch debit and credit cards by the end of July.
“This is a natural convergence,” said Kraken co-CEO Arjun Sethi in a comment to the publication.
Industry leaders openly express growing trust in the new administration, which shows openness to digital assets. This encourages companies to integrate into the regulated financial infrastructure of the country.
Regulatory Changes and New Opportunities for Stablecoins
Experts note that the industry is undergoing a striking transformation — whereas cryptocurrency companies previously avoided traditional banks and regulators, they are now actively seeking to be part of the legal market. Obtaining national trust bank status allows companies to avoid the need to obtain licenses in each state separately and gain better access to the banking system. At the same time, such banks are not allowed to provide loans or attract public deposits.
Circle described obtaining such a license as a “significant step” toward integrating digital assets into the broader financial space. Interest in the legalization of stablecoins has increased, especially following discussions in Washington about the GENIUS Act, which proposes stricter regulation of such tokens and their linkage to U.S. government bonds. In June, the Senate approved this document with 68 votes in favor.
“This is a complete turnaround: previously, crypto companies said, ‘we don’t need banks and laws.’ Now they are saying, ‘regulate us,'” noted attorney Max Bonici from Davis Wright Tremaine.
Ripple CEO Brad Garlinghouse reported that the company has applied to open a master account with the U.S. Federal Reserve to be able to hold stablecoin reserves directly at the central bank.
Major American banks, such as Bank of America, JPMorgan Chase, Citigroup, and Wells Fargo, are also considering creating their own stablecoins following the final approval of new regulations. Fintech companies are joining the banking competition as well: Robinhood, which earned over half of its revenue from crypto transactions last year, plans to roll out banking services this fall. Revolut and Klarna are considering adding cryptocurrencies to their products or obtaining banking licenses in the USA.
It is worth noting that not all companies are eager to obtain a full banking license. Kraken, which already has permission in Wyoming, is launching a new banking app without a master trust or additional license.
Previously, it became known that American banks were closely examining the possibility of entering the crypto market and were awaiting clear rules from regulators for a confident start in this sector.