Crypto companies seeking bank charters under Trump admin — Report
Bank charter approvals have fallen since 2008, but crypto companies see opportunity under the welcoming new administration.
Cryptocurrency and fintech companies are increasingly seeking bank charters in an attempt to grow their businesses under the Trump administration, according to a report from Reuters, which talked to more than half a dozen industry executives.
The moves come as the administration is seen as more industry-friendly and there are opportunities to gain the licenses that regulators under previous administrations may have been slow to approve.
While discussions about pursuing bank charters are on the rise, it is unknown how many companies will ultimately follow through. It can cost tens of millions of dollars to start up a bank, but there are benefits such as increased credibility with the general public.