Crypto companies are promoting banking status as ease of US digital asset law

With Trump’s support from the White House and relaxed regulations, companies like Circle and Bitgo are becoming full-fledged financial institutions.

Reports say a new wave of crypto companies is knocking on the once-closed doors of the American banking system. Someone is asking this time.

Crypto companies are seeking banking charters as Wall Street doors reopen

After years of being sidelined, Crypto Companies has returned, this time passing through the front door of the US banking system.

Citing sources familiar with the issue, the Wall Street Journal revealed that several key players, including Circle and Bitgo, are preparing applications for bank charters and financial licensing.

Traditional banks also accommodate shifts. US Bancorp is restarting its crypto custody program via NYDIG, but Bank of America (BOFA) said it will issue Stablecoin once the legal framework is in place.

Even the global giants look a lot. Consortiums, including Deutsche Bank and Standard Chartered, are evaluating ways to extend cryptographic operations to the US.

Although the details are lacking, interest shows that cryptography is no longer a niche, but a competitive frontier.

These companies reportedly aim to operate with the same legitimacy and access as traditional lenders. This includes holding deposits, issuing loans and launching stable coins under regulatory supervision.

The timing is not random. The sharp pivot of federal policies driven by President Trump’s pledge to make the US a Bitcoin superpower has resumed its regulatory pathway once it was shut down after the collapse of FTX.

In parallel, Congress is moving forward with steady-state laws that require issuers to secure federal or state licences.

The push to banking position comes amid wider efforts to legalize crypto within US finance. Earlier this year, regulators rolled back important restrictions. Among them, the controversial SEC SAB 121 prevented banks from retaining cryptography on behalf of their clients.

Meanwhile, Federal Reserve Chairman Jerome Powell has asserted that banks can serve crypto customers with the presence of appropriate risk management strategies.

In another green light, the office of the Secretary of Currency (OCC) revealed that the bank can provide Stablecoin and Custody services. However, this is said to be in compliance with established banking rules.

These signals make crypto companies that previously maintained arm lengths. Anchorage Digital, the only US crypto event company with a federal bank charter, says the regulatory lift is huge, but it’s worth it.

“It wasn’t easy… The full scope of regulatory and compliance obligations banks have could be intertwined with the crypto industry,” Anchorage CEO Nathan Macquarie reportedly acknowledged.

McCauley cited the compliance costs of tens of millions of people. Nevertheless, Anchorage has since worked with BlackRock, Canter Fitzgerald and Copper on its well-known custody and lending programs.

Bitgo, which is reportedly custody of Trump-related Stablecoin USD1, is approaching its bank charter application.

Circle, the publisher of USDC, also pursues licensing while dodging competition like Tether. This is a traditional finance (Tradfi) venture into Stablecoins.

The company delayed its IPO this month, citing market turmoil and financial uncertainty. But insiders say clarity of regulations remains a top priority.

Companies like Coinbase and Paxos are looking for similar routes to consider legally expanding industrial banks and trust charters.

At the policy level, venture company A16Z is asking the SEC to modernize investment firm crypto management rules, reflecting industry clarity and hunger for parity.