Source: Cointelegraph Original: "{title}"

According to a report by Reuters, during the Trump administration, cryptocurrency and fintech companies are increasingly seeking to obtain banking licenses in an attempt to expand their businesses. Reuters interviewed more than six industry executives.

The emergence of these initiatives is due to the belief that this administration is more friendly to the industry, and there is now an opportunity to obtain licenses that regulatory agencies may have delayed approving during previous administrations.

Despite the growing discussions about seeking banking licenses, it remains uncertain how many companies will actually take action. Establishing a bank can cost tens of millions of dollars, but there are also some benefits, such as enhancing credibility in the eyes of the general public.

According to Reuters, from 2000 to 2007, an average of 144 banking license applications were approved each year, but from 2010 to 2023, this number shrank to only 5 approvals per year. The year 2008 was marked by a significant financial crisis, which led to increased scrutiny of banks.

The Trump administration has signaled an openness to innovation in the financial sector, particularly in the cryptocurrency industry. Since Trump took office in January, he has established a cryptocurrency working group, signed an executive order to create a national strategic Bitcoin (BTC) reserve, and hosted the first White House cryptocurrency summit.

Cryptocurrency companies that have applied for banking licenses in the U.S.

Although it is not common for cryptocurrency companies to seek banking licenses in the U.S., there have been some successful examples in the 2020s. The cryptocurrency exchange Kraken obtained a banking license issued by Wyoming in 2020, Anchorage Digital Bank received its license in January 2021, and the cryptocurrency lending company Nexo acquired a stake in a holding company with a federally chartered bank in 2022.

In the U.S., companies face numerous challenges when applying for banking licenses, such as complying with anti-money laundering laws and adhering to the Bank Secrecy Act. Increased regulatory scrutiny and centralized management may also contradict the spirit of cryptocurrency, as decentralization is a core value of cryptocurrencies.

However, obtaining a banking license can bring a significant financial advantage: licensed companies can lower their capital costs by accepting deposits.

Related: Ripple in the U.S. Digital Asset Reserve: Utility in Question, Is It Suitable?

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