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Crypto firms seek US bank charters as two bills target stablecoins

Crypto firms seek US bank charters as two bills target stablecoins

GrafaGrafa2025/04/22 10:10
By:Mahathir Bayena

Major cryptocurrency companies including Circle, BitGo, Coinbase, and Paxos are moving to apply for U.S. bank charters or licenses, according to sources cited by The Wall Street Journal.

This development comes as the regulatory landscape for digital assets and stablecoins shifts in the United States.

The push for bank charters follows a new strategy from the White House and Congress, with President Donald Trump pledging to make the U.S. a “Bitcoin superpower.”

Two legislation, the GENIUS Act and the STABLE Act, are being advanced by lawmakers.

They would mandate that stablecoin issuers obtain valid licenses and adhere to state or federal monitoring.

The STABLE Act proposes strict federal regulation, a two-year moratorium on certain stablecoins, and mandates that reserves be separated from company funds.

The GENIUS Act aims for a more flexible framework, supporting both state and federal regulation while imposing enhanced anti-money laundering and reserve requirements.

Circle and BitGo are reportedly preparing to apply for full federal bank charters, which would allow them to offer services similar to traditional banks, including deposit-taking and lending.

Coinbase and Paxos are also evaluating options such as national trust charters and industrial bank licenses.

“Crypto companies are pushing hard into US banking just as Trump reopens the door,” according to the Wall Street Journal.

If approved, these firms would be subject to stricter federal oversight and reporting requirements.

BitGo is expected to submit its application soon, and if granted, would face increased regulatory scrutiny under federal law.

The move is seen as a response to both regulatory uncertainty and the need for stablecoin issuers to operate within a clear legal framework.

“This potential intersection of cryptocurrency and traditional finance could signal a new era of integration between digital assets and the American banking system,” according to the Bankless Times.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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