Three crypto firms just got conditional federal trust-bank approval, but the charter itself is becoming less of a moat.

Agora, Catena and Bastion still face final approval or conversion steps, capital and liquidity requirements, and unresolved stablecoin rules. The harder advantage now is distribution, customers and execution.

https://cryptoslate.com/why-federal-approval-wont-save-these-3-crypto-banks/

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