According to the Wall Street Journal, cryptocurrencies are increasingly integrated into traditional banking systems. This transformation occurs in Regulatory suppression After this, the cryptocurrency exchange FTX and its consequences for many crypto-friendly institutions have caused many institutions in the traditional financial sector to withdraw their support from the digital asset market.
But now, things may start to change as Trump’s recent vows make the United States a “bitcoin superpower”, with more integrations between cryptocurrencies and conventional banking likely to emerge, the report said.
Promote mainstream crypto finance
Several crypto companies, including Circle and BitGo, are It is said that Plan to apply for a bank charter or license. It is worth noting that Coinbase Global and Stablecoin Company Paxos are considering similar steps.
As Report The Trump administration aims to mainstream crypto finance, so Congress is pushing forward legislation that will create a regulatory framework for Stablecoins.
These proposed regulations will require Stablecoin issuers to obtain charters or permission from regulators, a move that could fundamentally change the operating dynamics of the digital asset market.
many company Options for national trusts or industrial bank charters are being explored, which will allow them to operate similarly to conventional banks by accepting deposits and loans. Others are reportedly seeking more professional licenses to enable them to issue stable licenses.
Change the political atmosphere
Any company that secures a bank’s charter will face stricter oversight, a reality vividly illustrated by Anchorage Digital, the only digital asset company in the United States that holds the Federal Bank’s charter.
CEO Nathan McCauley told the Wall Street Journal that the company has invested tens of millions of dollars to meet Regulatory obligationswhich includes strict anti-money laundering measures.
Anchorage’s recent partnership with major financial players including Blackrock and Cantor Fitzgerald highlights the growing number of digital assets in mainstream finance.
Just a few years ago, major banks disconnected from cryptocurrency companies during a wave of regulatory scrutiny following the FTX incident. The consequences of the collapse of Silvergate Capital and Signature Bank have led many crypto entrepreneurs to struggle to find bank partners willing to accept their deposits or provide loans.
But the political climate is changing, and under the Trump administration, regulators have begun to relax restrictions that have previously required banks to obtain approval for crypto-related activities. New guidance on how banks interact with cryptocurrencies is expected later this year.
Some banks are eager to catch up with partnerships in the cryptocurrency space. For example, Bank of America CEO Brian Moynihan expressed interest in issuing a stable legal framework.
Similarly, US Bancorp recently announced plans to restart its digital assets custody Services in partnership with Bitcoin trading and banking company NYDIG.
On the contrary, some banks remain cautious. KeyCorp CEO Chris Gorman acknowledges that the potential risks posed by digital assets are both opportunities and competitive threats.
Gorman stressed the importance of understanding the evolving regulatory landscape, especially with regard to the importance of anti-fine safeguards.
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