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

According to Cryptonews citing Reuters, multiple fintech and cryptocurrency companies are applying for state or national banking licenses, hoping to obtain faster approval under the pro crypto Trump administration. According to reports, obtaining a banking license will enable cryptocurrency companies to provide a wider range of financial services, enhance legitimacy in the eyes of customers, and reduce borrowing costs by absorbing deposits. Carleton Goss, a partner at Hunton Andrews Kurth law firm, said that this will also help companies reduce their capital costs, but at the same time, they will need to undergo stricter regulatory scrutiny.