Crypto Assets companies are actively entering the US banking industry

As the regulatory environment becomes more favorable, several Crypto Assets companies are actively seeking to enter the traditional banking sector in the United States. They hope to seize this opportunity to further integrate into the broader financial system.

Currently, companies such as Ripple, Circle, and BitGo have applied for a national trust bank license, which will allow them to provide certain banking services. Meanwhile, a certain Crypto Assets trading platform plans to launch card services next month. The platform's co-CEO Arjun Sethi stated that this is a natural integration, and the company plans to launch debit and credit cards around the end of this month.

These measures reflect that Crypto Assets companies are striving to expand their business scope, no longer limited to a single digital asset service. The current government holds an open attitude towards digital assets, which has greatly boosted the confidence of industry executives.

Circle, based in New York, believes that obtaining a national bank trust license from the Office of the Comptroller of the Currency (OCC) will be an important step in integrating digital assets into the broader financial system. Currently, Anchorage Digital is the only cryptocurrency company that has a national bank license.

Lawyer Max Bonich pointed out that this is completely contrary to the original philosophy of many crypto assets companies. They once claimed they did not need banks and laws, but now they are seeking regulation.

National trust banks can custody assets and process payments, but cannot provide loans or directly accept customer deposits. Obtaining national trust status will exempt the company from the need to obtain licenses separately from each state and improve its access to the financial system.

Before discussing stablecoin legislation in Washington, Crypto Assets companies are accelerating their entry into the banking industry. This legislation will bring stablecoins closer to the traditional financial system. Lawyer Adam Chernyshov stated that this actually opens up the U.S. financial market, allowing for the emergence of stablecoins.

Stablecoins track the prices of currencies such as the US dollar and are increasingly becoming mainstream. Traders use them to transact between sovereign currencies and Crypto Assets, while others use them for cross-border payments. The proposed legislation will strengthen regulation of stablecoins and tie them more closely to US Treasury securities.

Ripple CEO Brad Garlinghouse stated that the company has also applied for a master account with the Federal Reserve, which would enable it to hold stablecoin reserves directly at the central bank.

The connection between digital banking and Crypto Assets is becoming increasingly close, with financial technology companies increasingly seeking to leverage the rapidly growing Crypto Assets to attract American customers. A certain retail brokerage company derived more than half of its trading revenue from Crypto Assets last year and plans to launch some banking services in the fall.

The company's CEO Vlad Tenev stated that they aim to meet all of their clients' financial needs, including tax, estate planning, and fund transfer.

A significant portion of revenue for some emerging banks also comes from Crypto Assets trading, and their long-term goal is to obtain a banking license in the United States. At the same time, large banks including Bank of America are also looking to issue their own stablecoins after US regulations are finalized.

However, not all cryptocurrency companies entering the traditional consumer banking sector believe they need to apply for a banking license. A certain cryptocurrency trading platform with a Wyoming license is launching a new application without applying for an additional license. The platform's co-CEO stated that they do not want to become a bank that provides mortgages, but rather wish to collaborate with partners that can offer the best services.