Financial technology firms and crypto companies are seeking to become state or national banks in a bid to expand their business under the Trump administration that they view as more industry-friendly, according to more than half a dozen industry executives.
Firms that had been seeking to expand and gain credibility with customers see an opportunity under U.S. President Donald Trump to get licenses that regulators were previously slow or reluctant to approve.
The surge in activity comes after the number of new bank charters granted by U.S. regulators plunged since the financial crisis, reaching a low of only four applications being approved in 2023, according to S&P Global.
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