Crypto Firms Push Into US Banking

America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, betting that a friendlier White House under Donald Trump will unlock long-term access to regulated financial infrastructure.

Several leading digital asset firms have applied for national trust bank charters that would allow them to operate more like mainstream financial institutions. At the same time, others are rolling out consumer-facing services including debit cards, digital wallets and payments apps in a bid to appeal to a wider pool of US retail customers.

The flurry of activity has been spurred by a marked shift in tone from the federal government. After years of regulatory hostility under President Joe Biden, the Trump administration has embraced crypto more openly, promising a clearer framework and faster processing for charter applications.

“It is a natural convergence,” said Arjun Sethi, co-chief executive of Kraken, the crypto exchange that now plans to launch debit and credit cards before the end of the month. He described the push into banking as the next logical step in bringing digital assets into the financial mainstream.

New York-based stablecoin issuer Circle and blockchain payments group Ripple are among the firms seeking regulatory clearance from the Office of the Comptroller of the Currency. Both are aiming to obtain national trust bank charters, which would allow them to hold custody of assets, process payments and interact directly with the US financial system.

Gaining this status would remove the need for firms to navigate 50 different state-level licensing regimes. Instead, they would operate under a single federal charter, simplifying compliance and broadening access to dollar clearing systems and the Federal Reserve.

BitGo, a crypto custody platform, has also applied for national trust status, while Robinhood, the retail brokerage that earns a large portion of its trading revenue from crypto, is preparing to roll out new banking services this autumn. Klarna and Revolut are among those with longer-term ambitions to hold banking licences in the US.

“This is a clear pivot from where the sector was five years ago,” said Max Bonici, a partner at law firm Davis Wright Tremaine. “Back then, the narrative was that crypto did not need banks or rules. Now these firms are actively asking for oversight. It is a complete reversal.”

The rapid expansion comes as stablecoin regulation moves through Congress. The proposed Genius Act would require that all dollar-pegged stablecoins be fully backed by US Treasuries or cash, and that issuers be licensed either as national banks or as non-bank financial entities regulated by the OCC.

The legislation has received support from the White House, Treasury and several Republican lawmakers. Although not yet passed, it signals a broader effort to align digital assets with the existing financial system. If approved, it would give stablecoin issuers access to Fed master accounts and clarify reserve requirements.

Brad Garlinghouse, chief executive of Ripple, confirmed the company has also applied for a master account at the Federal Reserve. That would allow Ripple to hold customer funds and stablecoin reserves directly with the US central bank, bypassing intermediaries.

At present, Anchorage Digital remains the only crypto company with a full national bank charter. It received its licence in early 2021 but has been cautious in its expansion. The firm has indicated it will wait to see how Trump’s regulatory plans unfold before applying for further permissions.

David Portilla, a partner at Davis Polk and a specialist in financial services regulation, said the difference between the two administrations was stark.

“This administration has indicated that it is open to applications in a way the last one was not,” he said. “There is a shift in philosophy towards integration and supervision, rather than exclusion.”

The broader industry hopes that increased regulatory clarity will allow stablecoins to be used more widely in payments and capital markets. At present, dollar-pegged tokens such as USDC and USDT are mainly used for crypto trading and cross-border transfers. But advocates believe they could also underpin mainstream transactions, provided banks and regulators accept them.

“It really does open up the financial markets to stablecoins,” said Adam Chernichaw, a partner at Pillsbury. “There is strong demand for fast, dollar-based settlement tools, and this regulatory framework gives them legitimacy.”

The financial services sector has begun to take notice. Bank of America is reportedly developing an in-house stablecoin, pending regulatory approval, while other institutions are looking to partner with licensed issuers. According to insiders, JPMorgan has held informal talks with at least two crypto firms about future collaboration.

Still, not all crypto companies are pursuing full banking status. Kraken, which holds a special purpose depository institution licence in Wyoming, plans to launch its new app without seeking a full charter. Sethi said the company would partner with banks to offer services it does not plan to build itself, such as mortgages or deposit accounts.

“We do not want to be a bank that offers everything,” he said. “We just want to be able to provide payment tools and integrate the best financial products available.”

Other firms are also exploring hybrid models. Robinhood, for instance, plans to combine trading, savings and tax tools within a single app, while Klarna is working on features that would allow customers to manage crypto alongside traditional credit purchases.

Vlad Tenev, chief executive of Robinhood, said the long-term aim was to become a full-service financial platform.

“We want to handle your taxes, your estate planning, your payments,” he said. “You should not have to think about moving money between apps or institutions.”

The push is not without risk. Lawmakers remain divided on how far to allow crypto firms into the banking system, and the possibility of future court challenges cannot be ruled out. There are also concerns that looser standards could expose consumers to untested technology or undercapitalised providers.

But the sector’s mood has shifted. Where once crypto sought to remain outside the financial system, it now appears eager to become part of it.

For the moment, the momentum is with the industry. Applications are being submitted, new services are being launched, and executives are optimistic that the Trump administration will follow through on its promises.

Whether these moves lead to long-term integration or a repeat of past boom-and-bust cycles remains to be seen. But few doubt that the next phase of crypto’s evolution will be shaped not just by code and markets, but by licences, compliance teams and federal oversight.

As Garlinghouse of Ripple put it, “This is not about tearing down the system anymore. It is about becoming part of it.”