Crypto companies are not waiting around. They’re charging into the US banking system with full force under Donald Trump’s presidency, taking advantage of what they see as a wide-open regulatory window.
Ripple, a crypto payments company, and Circle, which handles stablecoins, have both applied for national trust bank charters. BitGo, a crypto custody firm, has done the same. Kraken, on the other hand, is skipping the charter route and going straight into debit and credit cards, set to launch before the end of the month.
Executives are calling it a “natural convergence.” That’s the phrase Arjun Sethi, Kraken’s co-CEO, used when explaining why they’re doing it now. Sethi said the company doesn’t plan to become a full-service lender but will work with partners for that part. “We don’t want to be the bank that offers a mortgage,” he said. “We want to just partner with the best folks that can provide them.”
Crypto seeks access to the Fed
This isn’t just about expansion. It’s about legitimacy. Circle said the OCC license would help connect crypto with the US financial system in a more formal way. And Brad Garlinghouse, Ripple’s CEO, has already submitted an application for a master account at the Federal Reserve, which would allow Ripple to directly hold stablecoin reserves at the central bank, just like Wall Street banks do.
Only Anchorage Digital currently holds a national bank charter, but the race is clearly on. These trust bank licenses won’t allow firms to lend or accept direct customer deposits, but they would let them custody crypto and handle payment processing. Most importantly, they would replace state-by-state licensing with one national permission slip, giving these companies an easier path to operate across the US.
The political backdrop is key. Executives say Trump’s administration has made it clear they’re more open to crypto charters than Joe Biden’s team ever was. Max Bonici, a partner at Davis Wright Tremaine, said it bluntly: “It’s… a 180 from where a lot of these crypto companies started, saying ‘we don’t need banks, we don’t need laws, we’re above it all.’ Now they’re saying ‘regulate us.’”
Stablecoin rules tighten while firms move fast
Washington isn’t standing still either. A new bill, the Genius Act, is under debate, and it would put stablecoins under stricter rules. The bill would require all dollar-pegged stablecoins to be backed by US Treasuries, and only firms with proper licenses from the OCC or regulated banks would be allowed to issue them. That’s exactly the kind of legislation that these companies are racing to prepare for.
Adam Chernichaw, a partner at Pillsbury, said this could finally allow stablecoins to be part of the US financial market in a serious way. The Trump White House reportedly backs the idea, and with stablecoins becoming more popular for cross-border payments and on-ramp trading, that support matters. Traders use these tokens to move money fast without touching actual banks, and corporates like the idea too.
Other fintech firms are watching closely. Robinhood, which made over 50% of its transaction revenue from crypto last year, is preparing to roll out banking features in the fall. Its CEO, Vlad Tenev, said they want to handle everything for users, including taxes and estate planning.
London’s Revolut, a neobank with heavy crypto trading, is aiming for a US banking license in the future. Klarna, led by Sebastian Siemiatkowski, is trying to turn its consumer lending business into a crypto company altogether.
Even Bank of America is getting ready. Once stablecoin rules are finalized, the bank reportedly plans to issue its own version. David Portilla, a financial regulation expert at Davis Polk, said Trump’s administration has made it clear they’re open to this kind of thing, something the previous White House avoided entirely.
Not everyone is jumping through the same hoops, though. Kraken, which already has a state-level license in Wyoming, is skipping the whole federal charter process. It’s going straight to launching its new app, bypassing the traditional path. Sethi explained that the company wants to focus on crypto tools and card services, not becoming a full-scale bank.
