Leading US cryptocurrency companies have begun the process of obtaining banking licenses. Coinbase, Circle, and BitGo plan to expand into traditional banking services, including lending and deposit taking, The Wall Street Journal reports
Experts attribute this move to the expectation of a softening of regulation in the event of a possible Trump victory. Obtaining licenses will open access to new financial instruments and client segments.
The industry notes that the initiative reflects the maturity of the crypto market and its integration into the traditional financial system. However, the application review process may be delayed due to regulatory uncertainty.
The current status of the applications remains at the preliminary stage of review.