Several leading cryptocurrency companies are considering obtaining banking licenses and charters to conduct financial activities. This was reported by the Wall Street Journal citing its own sources. According to the information, such steps are planned by the issuer of the USDC stablecoin — Circle, the crypto custodian BitGo, the exchange Coinbase, as well as the issuer of the PayPal USD (PYUSD) stablecoin — Paxos, along with several other cryptocurrency firms.
This is reported by Business • Media
As sources indicate, some of these companies aim to obtain national trust or industrial bank charters, which would allow them to operate similarly to traditional banking institutions: accepting deposits, issuing loans, and conducting other financial operations. Other companies are interested in obtaining limited licenses that would enable them to issue their own stablecoins.
“Some cryptocurrency companies are interested in obtaining national trust or industrial bank charters, which would allow them to operate like traditional banks — accepting deposits and providing loans. Others seek limited licenses that would enable them to issue stablecoins,” journalists report.
It is worth noting that any cryptocurrency company that obtains a banking charter will be subject to enhanced regulatory oversight. Previously, the Chair of the U.S. Federal Reserve, Jerome Powell, announced a softening of recommendations for banks regarding their dealings with cryptocurrencies and digital assets, which could make this sector more open and regulated.
Development of Regulatory Policy Regarding Cryptocurrencies in the U.S.
According to sources, obtaining banking licenses opens new opportunities for cryptocurrency companies, allowing them to operate on par with traditional financial institutions. This could contribute to greater legalization and transparency of the cryptocurrency industry in the U.S., as well as stimulate its further development.
Overall, these steps underscore the intentions of regulatory bodies and the crypto sector to establish closer cooperation and integration to ensure the safety of investors and users of digital assets.