In recent months, there was a surge in interest among cryptocurrency and FinTech companies in the U.S. to obtain licenses that would allow them to operate as banks either at the state or national level.
U.S. crypto companies and FinTech organizations are hoping to benefit from a more favorable regulatory environment under President Donald Trump’s administration. As reported by Reuters, this drive for banking licenses is driven by the desire to reduce capital costs, increase legitimacy in the eyes of clients, and expand market opportunities.
Carleton Goss, Partner at law firm Hunton Andrews Kurth, who’s working on three such applications from FinTech companies, stated that acquiring a banking license would allow these companies to accept deposits, thereby reducing reliance on more expensive sources of financing.
Previously, U.S. regulators were cautious about issuing new banking licenses, especially to companies connected to digital finance. However, with the arrival of President Trump’s administration, these companies are hopeful for a more positive attitude from regulators. Alexandra Steinberg Barrage, Partner at Troutman Pepper Locke, noted that clients are cautiously optimistic, anticipating the appointment of new leaders for banking agencies.
On March 17, the U.S. Office of the Comptroller of the Currency (OCC) granted approval to FinTech company SmartBiz Loans to acquire the Chicago-based CenTrust Bank, granting it the status of a national bank. This decision marked the first such approval for a FinTech company in the U.S. since 2021.
Despite the potential benefits, obtaining a banking license in the United States remains a complex process requiring strict adherence to regulatory standards. Crypto companies must be prepared for increased oversight and meet high risk management standards. However, the opportunity to lower operational costs and build customer trust makes this step appealing for many market participants.
Nathan Stovall, Director of Financial Institutions Research Team at S&P Global Market Intelligence, predicts that the number of applications for banking licenses from crypto and FinTech companies will continue to grow in the coming years, potentially leading to significant changes in the U.S. financial landscape.
In early 2025, a working group was established in the U.S. Congress to promote legislation for regulating cryptocurrencies and stablecoins, and the U.S. House of Representatives voted to ease regulatory control over the DeFi sector.
