The crypto industry is undergoing significant regulatory changes, prompting industry giants like Coinbase to consider applying for banking licenses.
U.S. crypto firms are increasingly exploring entry into traditional finance. On April 22, crypto.news reached out to Coinbase, which confirmed it is actively considering the possibility of obtaining a U.S. banking license.
“This is something Coinbase is actively considering but has not made any formal decisions yet,” a Coinbase spokesperson told crypto.news in an e-mail.
The move echoes previous statements by Coinbase CEO Brian Armstrong, who noted that based on the volume of consumer funds it manages, Coinbase would rank as the 21st largest bank in the United States.
What is more, the exchange is not the only crypto firm that is considering such a move. On April 21, WSJ reported that USDC issuer Circle and crypto custody firm BitGo are also exploring full banking licenses. This would allow them to operate more like traditional banks, offering services like lending, accepting deposits, and more.
Banking licenses would also grant access to Federal Reserve protections and deposit insurance, potentially making customer funds more secure. However, gaining such licenses involves strict regulatory scrutiny and high compliance costs.
So far, the only crypto-native company to hold a banking license is Anchorage Digital. CEO Nathan McCauley revealed the firm spent tens of millions to meet regulatory requirements.
U.S. prepares to regulate stablecoins, altcoins
The push toward more licenses comes amid a more crypto-friendly U.S. administration under President Donald Trump. Regulatory agencies like the SEC are taking a more lenient approach, largely thanks to Trump’s political appointees.
Meanwhile, lawmakers are currently reviewing two major bills: the GENESIS Act and the STABLE Act. These aim to establish regulatory clarity for the crypto sector and are expected to benefit compliant firms.
For this reason, U.S. banks are also warming to the crypto business. In February this year, Bank of America CEO Brian Moynihan revealed that the firm was considering launching its own stablecoin. Earlier, in January, Moynihan also advocated for integrating crypto payments into the banking industry.
