Crypto Assets companies are vying to enter the US banking industry

Recently, multiple Crypto Assets companies are actively seeking to enter the traditional banking sector in the United States. These companies hope to further integrate into the existing financial system by leveraging the relatively loose regulatory environment.

Several well-known crypto companies have taken specific actions: a payment group, a stablecoin company, and a custody company have applied for a national trust bank license, which will allow them to provide certain banking services. Another crypto exchange platform plans to launch card services next month.

The co-CEO of the trading platform stated that this is a natural trend of integration, and the company plans to launch debit and credit card products around the end of this month. These initiatives highlight that Crypto Assets companies are seeking to expand their business scope and are no longer limited to merely providing digital asset services.

Industry insiders believe that the current government holds a relatively open attitude towards digital assets, which has greatly boosted the confidence of industry executives. In contrast, the previous government is generally regarded as having a hostile attitude towards the industry.

A stablecoin company in New York stated that obtaining a national bank trust license from the Office of the Comptroller of the Currency (OCC) will be a key step in integrating digital assets into the broader financial system. Currently, only one Crypto Assets company has a national bank license.

A lawyer pointed out that this is completely contrary to the original理念 of many Crypto Assets companies. They once claimed that they did not need banks, did not need law, and were above everything, but now they are actively seeking to accept regulation.

Although the National Trust Bank can custody assets and process payments, it 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. Supporters believe that stablecoins can operate like currency.

A legal expert stated that this effectively opens up the U.S. financial market, essentially allowing the emergence of stablecoins. Stablecoins track the prices of national currencies like the U.S. dollar and are increasingly becoming mainstream. Traders use them to trade between sovereign currencies and Crypto Assets, while some use them for cross-border payments.

The proposed bill will strengthen the regulation of stablecoins and tie them more closely to U.S. Treasury securities. Only regulated banks and certain non-bank groups with OCC licenses will be able to issue stablecoins.

The CEO of a certain payment company stated that the company has also applied for a master account with the Federal Reserve, which will enable it to hold stablecoin reserves directly at the central bank.

The connection between digital banking and Crypto Assets is becoming increasingly close, and financial technology companies are increasingly seeking to leverage the rapidly growing Crypto Assets to attract American customers.

A retail brokerage firm generated over half of its trading revenue from Crypto Assets last year and plans to launch some banking services in the fall. The company's CEO stated that they hope to meet all of their clients' financial needs, including tax, estate planning, and fund transfers.

A new type of bank headquartered in London derives a significant portion of its income from Crypto Assets trading, and the company's long-term goal is to obtain a banking license in the United States. The CEO of another consumer lending company also plans to add Crypto Assets to their products.

At the same time, large banks, including Bank of America, are seeking to issue their own stablecoins after U.S. regulations are finalized.

A financial services expert pointed out that the current government has indicated that they will open up charter applications in a way that previous administrations did not.

However, not all cryptocurrency companies diversifying into traditional consumer banking believe there is a need to apply for a banking license. A crypto trading platform with a Wyoming license is launching a new application without the need to apply for a license or a master trust.

The company's executives stated that they do not want to become a bank that provides mortgages, but rather hope to collaborate with partners who can offer the best services.