Recent reports say that cryptographic companies and financial giants plan to extend their operations to the American market following the Trump administration efforts to regulate the digital asset industry and integrate it into general finance.
Companies and cryptographic banks to extend American operations
On Monday, the Wall Street Journal (WSJ) said that the cryptography industry “grows more deeply in the banking system”, because several companies planned to request banking or licenses, including Circle and Bitgo, according to WSJ sources.
The information media alleges that Coinbase and Paxos examine similar movements. Meanwhile, some anonymous companies are interested in national trust or industrial banking charters which allow them to operate as traditional lenders, make loans and take deposits.
Other cryptography companies would require specific licenses to issue stablecoins, while related legislation is gaining momentum at Congress. In particular, companies that apply and obtain a banking charter will be subject to stricter regulatory monitoring.
On the other hand, the report also said that traditional financial giants, notably Deutsche Bank and Standard Charterd, strive to “catch up and forge links” with the cryptographic industry by revisiting their approach to the sector.
According to sources cited by the WSJ, a group of banks began to explore ways to expand its cryptographic operations in the United States after the new administration adapted to the industry has passed from its “application” strategy.
Although the details of the alleged plans have not been revealed, the report notes that other banks remain cautious. He quotes the director general of Keycorp, Chris Gorman, who sees the potential opportunity in cryptographic space but wants to assess how he develops with “regulatory challenges”, such as anti-whiteness guarantees (AML).
Traditional institutions await American legislation
Other banking giants have recently expressed their desire to develop in the cryptography industry. In January, the CEO of Bank of America, Brian Moynihan, said that the American banking sector was ready to adopt cryptographic payments.
According to the CEO, the banks “make themselves hard” at the crypto once the regulators authorize it and that a clear regulatory framework is established. “If the rules enter and do something with it with which you can actually do business, you will find that the banking system will be hard on the transactional side,” he said.
Moynihan later said that Bank of America issued a stablecoin if the legal framework was established. Since its entry into office on January 20, the Trump administration has notably moved the regulatory approach to the previous government.
The Securities and Exchange Commission (SEC) has dropped or interrupted most of its main cases of application. In addition, American legislators have proposed several policies concerning various subjects linked to the crypto, in particular the Bitcoin Strategic Reserve (SBR) and the regulation of Stablescoin.
In February, the American senator Bill Hagerty presented the purchase and establishment of national innovation for American stables (Genius Act) to develop a framework to allow tokens like the USDT and the USDC to note the rules of the Federal Reserve.
The legislation aims to establish a “safe and pro-commune regulatory framework that will release innovation and will advance the president’s mission to make America the world capital of the crypto.”
Bitcoin (BTC) trades at $88,201 in the one-week chart. Source: BTCUSDT on TradingView
Star image of Unsplash.com, tradingView.com graphic
Editorial process Because the bitcoinist is centered on the supply of in -depth, precise and impartial content. We confirm strict supply standards, and each page undergoes a diligent review by our team of high -level technology experts and experienced editors. This process guarantees the integrity, relevance and value of our content for our readers.
