President Donald Trump's efforts to make America the world's cryptocurrency superpower has crypto companies racing to secure traditional banking status in America, creating financial handshakes between adversarial institutions.
Among the companies seeking to capitalize on Trump's crypto-friendly regulatory environment are Ripple, Circle, BitGo, and Kraken, The Financial Times reported.
"It's a natural convergence," Kraken co-CEO Arjun Sethi told the Times, noting plans to launch debit and credit cards along with its crypto exchange platform.
New York's stablecoin company Circle seeks to join Anchorage Digital as the only companies with national banking charters from the Office of the Comptroller of the Currency, the federal regulator for financial companies.
It would be "a meaningful step" and "a 180" for anti-banking system crypto companies, according to Davis Wright Tremaine law firm partner Max Bonici.
"A lot of these crypto companies started saying 'We don't need banks, we don't need laws, we're above it all,'" Bonici told the Times. "Now they're saying 'regulate us.'"
It is Trump's grand plan working for banks, crypto, and investors after years of former President Joe Biden's anti-crypto hostility and burdensome regulations, according to the Times.
The banking push is fed by the stablecoin debates that would bring crypto closer to the traditional financial system.
"It really does open up the U.S. financial markets to basically allow for stablecoins," Pillsbury law partner Adam Chernichaw told the Times.
Stablecoins are used by traders to track national currencies prices, allowing them to move between foreign currencies and crypto.
Trump and Congress are pushing for the GENIUS Act to set the regulatory standards for stablecoins, tying them closely to the U.S. Treasury bonds, the Times reported.
Robinhood, a leading financial technology services company, drives half of its transaction revenues from crypto, but it is seeking to become the everything for consumers.
"We should be able to help you with all of your financial needs: So your taxes, your estate planning, you don’t have to worry about moving money," CEO Vlad Tenev told the Times.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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