Coinbase, Circle and other crypto firms interested in operating as banks in the US: Report

By Hannah Pérez

Industry leaders in cryptocurrencies would be considering licenses to operate as banks. Meanwhile, banks like Standard Chartered and Deutsche Bank want to expand their services crypt to the US.

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• Companies such as Circle, Bitgo and Coinbase would be considering licenses to operate as banks in the US.
• New movements to melt cryptocurrencies with the banking industry.
• Meanwhile, banks like Standard Chartered and Deutsche Bank want to expand their services crypt to the US.
• The efforts occur in the midst of the regulatory changes promoted by the Trump administration.

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Some of the main company of the cryptocurrency industry in the United States apparently have the ambition to operate as banks, which could transform the relationship between the traditional financial system and the new class of assets.

According to a report published by Wall Street Journal (WSJ) on Monday, which was collected by various specialized media, firms such as the Stablecoins issuer Circle and cryptocurrency custodian Bitgothey would be looking to obtain bank licenses.

The report, which cites people familiar with the matter, details that some companies dedicated to cryptocurrencies are considering requesting some type of bank permission or license that would potentially allow them to operate as traditional lenders, take deposits and grant loans in the United States.

In addition to Circle and Bitgothe exchange of cryptocurrencies Coinbasewhich is quoted in the Stock Exchange, and Paxoswhich provides infrastructure Blockchain In institutional level, they are also mentioned in the list of companies that evaluate a bank license.

License would allow Crypto signatures to operate as banks

While a bank license could be beneficial for cryptocurrency companies, allowing them to act as banks and opening the possibility of directly accessing the country’s payment systems, reducing or eliminating the dependence of bank third parties, this would also mean more strict supervision for the sector.

An example of a cryptocurrency company that has moved in this direction is Digital anchoragewhich, according to the reports, has spent millions of dollars to comply with the regulations required by your bank license.

A recent separate report from Barron’s, reported that a special group from the United States National Security Department has initiated investigation into Anchorageciting anonymous sources. The working group, which focuses on the money laundering and transnational financial crimes, has contacted old employees to examine the practices of the company.

However, Anchorage He has rejected such a report and a spokesman said that the article of Barron’s “It was based on speculation“And that the medium”I had no information about the nature of research or its objectives “.

International banks seek to expand crypto services to the US.

While representatives of Bitgo, Circle, Coinbase and Paxos They did not respond to the request for comments from Cointelegraph On the possible search for bank permits, WSJ’s recent article continues to advance that global banks are moving to expand their cryptocurrency services in the United States.

According to Wall Street Journal, The big international banks are reviewing their approach, with a consortium that includes the German Deutsche Bank and to the British Standard Chartered Now exploring ways to expand cryptocurrencies in the United States.

The report does not say how advanced the banks are in their plans, but points out that their renewed interest occurs when traditional finances begin to return to cryptocurrency after moving away after the collapse of FTX and the closure of banks attending cryptocurrencies, as President Donald Trump promises to make the United States a friendly country with crypto.

Regulatory change under the Trump administration

The efforts of both cryptocurrency companies towards bank status, as well as traditional finance giants towards the emerging class, occur in a context of regulatory changes in the United States, where the Trump administration has drawn plans to boost new legislation on cryptocurrencies this year.

The US Congress is reviewing two separate efforts to legislate stablecoins or stable currencies: the Stable Law from the House of Representatives and the Genius Law from the Senate. Trump has expressed his intention to sign a law before August, although before that, both projects must merge into a common effort between the cameras.

In this regard, the President of the Federal Reserve (FED) of the United States, Jerome Powell, recently said that as digital assets gain general adoption, establish a Legal framework for Stablecoins It is a “Good idea”

The Fed previously said that it is not against US banks to participate in the cryptocurrency market. Agencies such as the Office of the Comptroller of La Moneda (OCC) and the Federal Deposit Insurance Corporation (FDIC) have changed their approach for Trump’s position to allow the country’s banks to interact with digital assets.

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Hannah Estefanía Pérez / Diariobitcoin

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