Circle BitGo to pursue banking license application; Coinbase and Paxos also considering

Major cryptocurrency companies, including Circle and BitGo, are reportedly preparing to apply for banking licenses in the United States.
On the 21st (local time), the Wall Street Journal (WSJ) cited people familiar with the matter and said that stablecoin issuer Circle and cryptocurrency custodian company Bi
It has been reported that tGo is considering applying for a banking license in the United States, while Coinbase and Paxos are also reportedly applying for banking licenses or considering obtaining related qualifications.
Paxos has already received conditional approval for a banking license from the U.S. Financial Services Commission (OCC) in 2021. According to Cointelegraph, if it obtains a banking license, it will allow cryptocurrency companies to
The new rules will allow companies to take deposits and provide loans just like traditional financial institutions, which offers significant benefits for business growth and expansion, but also means increased reporting requirements and stricter regulations.
For example, Anchorage Digital, which received a federal license, is said to have spent millions of dollars to comply with regulations after it was granted the license.
Tensions are high after the Department of Homeland Security's El Dorado Task Force reportedly launched an investigation into Anchorage Digital Bank.
The feeling is growing.