Crypto Firms Push for Bank Charters as Trump Reopens the Door
Major crypto companies—Circle, Paxos, Coinbase, and BitGo—are now seeking U.S. bank charters as Donald Trump returns to power with a promise to make America a “Bitcoin superpower.” His administration is easing regulations and encouraging crypto to work more closely with banks.
Circle and BitGo aim to become federally chartered banks, while Coinbase and Paxos are exploring other licenses. This would allow them to issue stablecoins, hold deposits, or even offer loans legally. BitGo is also linked to USD1, a new stablecoin launched by Trump’s family-owned crypto firm.
So far, only Anchorage Digital has a federal charter, but interest is growing fast. BitGo is expanding, working with BlackRock and Cantor Fitzgerald on large crypto finance deals.
Why now? After a rough patch post-FTX collapse, banks and crypto firms are reconnecting. Big names like Bank of America and U.S. Bancorp are re-entering the space. New legislation and relaxed rules are making it easier for crypto and traditional finance to team up again.