Crypto Goes Mainstream: Major Players Seek US Banking Licenses in Industry Turning Point
In a recent news article, Coinmooner aims to share significant developments at the intersection of traditional finance and the cryptocurrency industry. According to The Wall Street Journal, several major crypto companies—among them Circle, BitGo, Coinbase, and Paxosare preparing to apply for banking licenses in the United States. This move marks a turning point: after a period of forced isolation following the collapse of FTX and the shutdown of crypto-friendly banks Silvergate and Signature in 2022, crypto players are once again aiming to integrate into the banking ecosystem. The return to dialogue with the banking system is viewed as an effort to restore trust and establish a stable legal framework for future growth.
This shift became possible after Donald Trump returned to the White House, declaring his goal to make the U.S. a “Bitcoin superpower.” A supporting executive order has been signed, and the first state-backed Bitcoin reserve is underway. Meanwhile, Congress is discussing laws to license stablecoin issuers and ensure complete reserve transparency, signaling growing state support for cryptocurrency.
The approach to licensing differs depending on the company’s goals. For example, BitGo plans to obtain a full banking license, which would enable it to accept deposits and issue loans. Other companies are focusing on more narrow licenses that allow stablecoin issuance. Interestingly, the Trump family’s crypto project, World Liberty Financial, has recently announced its stablecoin, called USD1, with reserves to be held by BitGo. This alliance between political influence and tech business shows just how seriously cryptocurrencies are now being taken at the highest level.
Nathan McCauley, CEO of Anchorage Digital, the only crypto firm with a federal banking license, says meeting regulatory demands costs tens of millions. Yet even with that, the company was fined in 2022 for weak anti-money laundering controls, showing just how high the regulatory bar is.
Crypto's Banking Gamble: Why Major Firms Are Betting Big on Regulatory Approval
Following the administrative change, the rules requiring banks to obtain government approval for any cryptocurrency initiatives were repealed. This opened the door to a new wave of integration between crypto and traditional banking. WSJ sources indicate that additional guidance is expected in 2025, which will outline how banks can safely engage with crypto. In the meantime, some financial institutions are already building partnerships with crypto firms. For example, Bank of America is considering launching its stablecoin if a suitable legal framework is in place, and U.S. Bancorp plans to restart crypto custody services through a partnership with NYDIG, one of the largest crypto custody and Bitcoin banking product firms.
Still, not all banks are rushing to follow this trend. Some market players prefer to wait and see. For instance, KeyCorp CEO Chris Gorman stated that while cryptocurrency may become an integral part of the financial ecosystem, it also poses potential risks. According to him, the bank is closely monitoring developments before making any significant moves. Gorman also pointed out that regulating the crypto market remains extremely difficult, especially when it comes to transaction tracking and anti-money laundering. While it is possible to monitor fund flows at the early stages, control is often lost later on, which presents a significant risk to market participants.
In March 2025, Reuters reported a surge in banking license applications from U.S. fintechs and crypto startups as they sought cheaper capital and greater trust. Experts attribute this trend to the strong support from the Trump administration and the appointment of crypto-friendly regulators.
Still, even with such favorable political conditions, the path to a banking license remains challenging. It’s a lengthy and costly process that involves rigorous checks in areas such as anti-money laundering compliance, data protection, banking secrecy laws, and stringent IT infrastructure security standards. Companies embarking on this path must be prepared for years of investment and ongoing collaboration with regulators.
To conclude, Coinmooner would like to remind readers that, in the fast-paced Web3 industry, it is essential to utilize modern and reliable data protection methods. Security is not just a recommendation; it’s a critical necessity that directly affects the safety of your assets and personal information.
