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Crypto Firms Ripple, Circle, and BitGo Target U.S. Bank Licenses Amid Regulatory Shift
In a strategic move to strengthen their presence in the traditional finance sector, Ripple, Circle, and BitGo have announced their intention to apply for national trust bank licenses in the United States. This development is seen as a response to recent policy shifts aimed at promoting digital asset innovation.
As part of these efforts, crypto firms are racing to obtain U.S. national trust bank licenses, which would grant them direct access to the Federal Reserve’s payment systems and enable the secure management of settlements in real-time. By gaining this ability, the companies can hold stablecoin reserves securely and reduce their dependence on commercial banks.
Ripple, Circle, and BitGo aim to become federally regulated trust banks, aligning with efforts to comply with Office of the Comptroller of the Currency (OCC) standards. This move would allow them to operate nationwide and integrate more closely with traditional banking systems.
The push for U.S. national trust bank licenses is driven by a recent executive order issued in 2025 that reversed earlier restrictions on digital assets, promoting a clearer regulatory path for crypto businesses and enabling financial innovation. By removing barriers, this policy aims to encourage digital asset firms to expand into areas previously reserved for banks.
In the wake of this shift, institutional interest has surged, with companies seeking early mover status in the rapidly evolving crypto market. The potential benefits of direct access to central banking infrastructure have accelerated the growth of stablecoin issuance and further blurred the lines between traditional finance and cryptocurrency sectors.
Industry insiders believe that firms that secure federal banking licenses will gain a competitive edge over smaller competitors if proposed legislation, known as the Genius Act, becomes law. This bill proposes strict reserve requirements for issuers and mandates that they are regulated by federal authorities.
As the crypto and finance industries continue to converge, traditional institutions have started to respond with their own moves. Kraken has announced plans to issue a cryptocurrency-linked debit card, while Robinhood and Revolut expand their banking services.
Source: blockonomi.com
