Foreign media: Fintech and crypto companies seeking banking licenses under the Trump administration

A growing number of fintech and cryptocurrency companies are applying for state or federal banking licenses in the United States, aiming to expand in the context of the Trump administration's more crypto-friendly approach. Industry executives say there has been a significant increase in discussions and applications for licenses.
Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper Locke, told Reuters: "We are seeing more interest. We are now processing multiple applications." However, companies are "cautiously optimistic" because of the change in the regulator's leadership.
Becoming a bank would bring stricter regulation, but could lower borrowing costs and enhance legitimacy. Banking licenses allow companies to lower their cost of capital by accepting deposits, and cryptocurrency companies including Paxos, Anchorage, and Protego have been granted federal trust licenses through the Office of the Comptroller of the Currency (OCC) to become federally regulated crypto "banks. Kraken and Avanti have been granted special purpose depository institution licenses in Wyoming, making them state-regulated crypto banks.