Crypto Assets companies actively seek access to banking services in the US

Crypto Assets companies are actively striving to enter the traditional banking sector in the United States. They hope to further integrate into the financial system with the help of a more friendly regulatory environment.

Several well-known Crypto Assets companies have applied for a national trust bank license, which will enable them to offer certain banking services. Meanwhile, a certain crypto exchange plans to launch a bank card service next month.

The exchange's co-CEO stated: "This is a natural integration," and revealed that the company plans to launch debit cards and credit cards around the end of this month.

These trends highlight that Crypto Assets companies are seeking to expand their business scope and are no longer limited to providing digital asset services. Due to the current government's open attitude towards digital assets, industry executives are experiencing a significant boost in confidence, whereas the previous government was considered to have a hostile stance towards the industry.

A cryptocurrency company based in New York stated that obtaining a national bank trust license from the Office of the Comptroller of the Currency would be an "important step" in integrating digital assets into the broader financial system. Currently, only one crypto assets company holds a national bank license.

A lawyer commented: "This is completely contrary to the initial philosophy of many crypto assets companies, who once said 'We don't need banks, we don't need laws, we are above everything.' Now they are saying 'Please regulate us.'"

Although national trust banks can custody assets and process payments, they cannot provide loans or directly accept customer deposits. Obtaining national trust status will exempt the company from the need to obtain licenses separately from various states 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.

A partner stated: "This indeed opens up the U.S. financial market, essentially allowing the emergence of stablecoins."

Stablecoins track the prices of currencies like the US dollar and are increasingly becoming mainstream. Traders use them to transact between sovereign currencies and Crypto Assets, while others use them for cross-border payments.

The proposed bill will strengthen regulation of stablecoins and link them more closely to U.S. government bonds. Only regulated banks and certain non-bank groups with specific licenses will be allowed to issue stablecoins.

The CEO of a Crypto Assets 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 fintech companies are increasingly seeking to leverage the rapidly growing Crypto Assets to attract American customers.

A retail brokerage firm generated more than 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: "We should be able to meet all your financial needs. This way, you won't have to worry about taxes, estate planning, and fund transfers."

Some new banks and consumer loan companies also plan to add Crypto Assets to their products. Meanwhile, traditional banks, including a large bank, are seeking to issue their own stablecoins after the U.S. regulations are finalized.

A financial services expert pointed out: "The current government has indicated that they will open the licensing application in a way that previous administrations did not."

However, not all cryptocurrency companies diversifying into traditional consumer banking believe that they need to apply for a banking license. A certain crypto exchange is launching its new application without applying for a license or primary trust.

The exchange's co-CEO stated: "We do not want to become a bank that offers loans. We just want to partner with those who can provide the best services."