Circle and BitGo Eye U.S. Bank Charters as Crypto Firms Seek Regulatory Clarity
Hey Digital Banking Fanatic!
Major cryptocurrency firms, including Circle and BitGo, are reportedly preparing to apply for U.S. banking licenses, signaling a strategic shift toward deeper integration with the traditional financial system.
The push for banking licenses aligns with recent legislative developments, including the advancement of the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. These bills propose frameworks for stablecoin regulation, potentially requiring issuers to secure federal or state charters.
Bank status would give these crypto players direct access to the financial rails, offering services such as deposit-taking and lending. While this transition would subject them to stricter regulatory oversight, it could also provide greater legitimacy and access to the broader financial infrastructure.
If Circle and BitGo pull this off, expect a wave of others to follow. The next crypto chapter may not be about going around banks, but becoming one.
Read all the other Digital Banking industry news below 👇 and I'll be back with more tomorrow!
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