Crypto companies aren’t waiting. They are fully charged the US banking system under Donald Trump’s presidency, taking advantage of what they consider to be a wide open regulatory window.
Ripple, the Crypto Payments Company, and Circle, which handles Stablecoins, have both applied for National Trust Bank Charters. Bitgo, the custody company of crypto, did the same thing. Meanwhile, Kraken is skipping its charter route and is heading straight to debit and credit cards that it plans to launch by the end of this month.
Executives call it “natural convergence.” That’s the phrase from Kraken co-CEO Arjun Sethi, and is used when explaining why they’re doing it now. Seti said the company is not planning to become a full-service lender and will work with partners in that portion. “We don’t want to be a bank that offers mortgages,” he said. “We just want to partner with the best people who can offer them.”
Crypto is seeking access to the Fed
This is not just an expansion. It’s about legitimacy. Circle said the OCC license helps connect crypto with the US financial system in a more formal way. Ripple’s CEO Brad Garlinghouse has also already submitted an application for the Federal Reserve Master Account, which will allow Ripple to keep Stablecoin reserves directly to the central bank, as does Wall Street Bank.
Currently, only Anchorage Digital holds the National Bank’s Charter, but the race is clearly continuing. These trust bank licenses do not allow companies to lend or accept customer deposits directly, but they do custody the encryption and allow payment processing to be processed. Most importantly, replacing state-by-state licenses with one national permit slip, providing an easy pathway for these companies to operate across the US.
Political background is important. Executives say the Trump administration has made it clear that it is more open to the crypto charter than Joe Biden’s team. “It’s… 180 people from where many of these crypto companies started, saying, “We don’t need banks, we don’t need laws, we don’t need more than that,” said Max Bonico, a partner at Davis Wright Tremaine. Now they say, “regulate us.” ”
Stablecoin rules tighten while businesses move faster
Washington hasn’t even been standing yet. The new bill, the Genius Act, is debatable, and it will put stubcoins under stricter rules. The bill requires the US Treasury to support all dollar-covered stubcoins, and only companies with appropriate licenses from OCC or regulated banks will be allowed to issue them. That’s exactly the kind of law these companies are competing to prepare.
Pillsbury partner Adam Chernichaw said this will ultimately allow Stablecoins to become a serious part of the US financial markets. The Trump White House reportedly supports the idea, and its support is important as Starbull Coin is becoming more popular with cross-border payments and on-ramp transactions. Traders use these tokens to move their money faster without touching real banks or companies like this idea.
Other fintech companies look closely. Robinhood, which won more than 50% of its trading revenue from Crypto last year, is preparing to roll out its banking capabilities in the fall. CEO Vlad Tenev said he wants to handle everything for the users, including taxes and real estate planning.
London’s Revolut is a neobank with heavy crypto trading and is aiming for future US banking licenses. Klarna, led by Sebastian Siemiatkowski, is looking to turn its consumer lending business into a crypto company.
Even Bank of America is preparing. Once the Stablecoin rules are finalized, the bank will issue its own version. David Portilla, a financial regulation expert at Davis Polk, said the Trump administration has made it clear that they are open to this kind of thing.
But not everyone is jumping over the same hoop. Already with a state-level license in Wyoming, Kraken is skipping the entire process of the entire federal charter. I’m going straight to launch a new app and bypassing the traditional path. Sethi wants the company to focus on crypto tools and card services rather than becoming a full-fledged bank.