April 24, 2025
By Our Correspondent
U.S. digital asset companies are exploring the possibility of obtaining bank charters and licenses, as reported by the Wall Street Journal citing unnamed sources.
Among those considering this move are stablecoin issuers Circle and Paxos, along with crypto exchange Coinbase and digital asset infrastructure provider Bitgo. These firms aim to capitalize on the Trump administration’s more favorable approach towards the digital asset sector.
Since taking office on January 20, the Trump administration has worked to fulfill its campaign promise of reducing government opposition to the cryptocurrency industry.
To facilitate this, the administration has appointed prominent advocates for cryptocurrency to significant government positions. As reported by other news outlets, Paul Atkins, the Trump administration’s nominee for chairman of the U.S. Securities and Exchange Commission, has recently been confirmed by the U.S. Senate. Known for his pro-crypto stance, Atkins is anticipated to assist in establishing a clear regulatory framework for digital assets.
His confirmation, along with that of other crypto-friendly individuals, has encouraged crypto firms to pursue bank charters or licenses, particularly following the FTX collapse that led many in the banking sector to distance themselves from the digital asset industry.
According to the WSJ report, some digital asset firms are particularly interested in obtaining national trust or industrial bank charters, which would allow them to accept deposits and issue loans, while others are looking to secure licenses for stablecoin issuance. Although acquiring a bank charter would integrate these firms more closely with the banking system, such approval would also bring increased scrutiny and potentially high compliance costs, as evidenced by Anchorage Digital, the only crypto firm to have received a bank charter.
In addition to facing financial losses amounting to millions, Anchorage was previously identified by a banking regulator for shortcomings in its anti-money laundering protocols. Nathan McCauley, the CEO of Anchorage, is cited in the report recognizing the unique challenges associated with holding a bank charter.
Nevertheless, McCauley conveyed optimism that the regulatory frameworks applicable to banks could be integrated with the cryptocurrency sector. “The entire spectrum of regulatory and compliance responsibilities that banks must adhere to can be connected with the cryptocurrency industry,” McCauley stated.
