Reuters: Multiple crypto companies are applying for state or national banking licenses

According to Cryptonews citing Reuters, several fintech and cryptocurrency companies are applying for state or national banking licenses, hoping to get faster approval under the crypto-friendly Trump administration.

The report stated that obtaining a banking license would enable crypto companies to provide a wider range of financial services, enhance their legitimacy in the eyes of customers, and reduce lending costs by absorbing deposits.

Carleton Goss, a partner at Hunton Andrews Kurth law firm, said this would also help businesses lower capital costs but they will need to undergo stricter regulatory scrutiny.