Circle·BitGo and other Cryptocurrency companies, US Banking license acquisition pursuit
Major American cryptocurrency companies are reportedly actively considering obtaining a banking license or license. On the 21st (local time), the Wall Street Journal (WSJ), citing multiple sources familiar with the matter, reported that Circle, BitGo, Coinbase, and Paxos are pursuing various forms of banking licenses.
This is in line with the Trump administration's policy to integrate the cryptocurrency industry into the traditional financial system. In particular, the Republican-led stablecoin regulatory bill (STABLE Act, GENIUS Act included), which recently passed the House Financial Services Committee, effectively mandates stablecoin issuers meeting certain requirements to obtain a banking license.
According to the WSJ, some crypto companies are seeking industrial bank licenses with deposit and lending functions, while others are only aiming for limited forms of licenses such as issuance licenses. Obtaining a banking license would allow cryptocurrency companies to operate like traditional financial institutions but would also subject them to stricter regulations and oversight.
BitGo was selected as the custodian of BlackRock's Bitcoin Spot ETF ‘iShares Bitcoin Trust’ this year and is conducting a $2 billion Bitcoin collateralized loan program with Cantor Fitzgerald and Cooper. Anchorage Digital, the only cryptocurrency company to have received a federal banking license, has since invested tens of millions of dollars in regulatory compliance, but is reportedly under investigation by the Eldorado Task Force of the Department of Homeland Security.
The banking sector is also watching the situation closely. Bank of America has stated that it could issue its own stablecoin once institutional groundwork is in place, and US Bank plans to resume cryptocurrency custody services through collaboration with NYDIG. Global banks like Deutsche Bank and Standard Chartered are also considering expanding their cryptocurrency businesses in the US.
However, not all financial institutions are proactive. Chris Gorman, CEO of KeyCorp Bank, stated that regulatory standards like Anti-Money Laundering (AML) remain unclear, and withheld a stance on the industry.
The push for banking licenses by cryptocurrency companies is seen as a strategy to secure regulatory clarity and strengthen connections with the existing financial system. At the same time, it is interpreted as a proactive response ahead of the passage of the strengthened stablecoin regulatory proposal. The market is watching to see what institutional changes this trend will bring across the cryptocurrency industry.