Coinbase confirms it is ‘actively considering’ U.S. banking license

The cryptographic industry is undergoing significant regulatory changes, which has prompted industry giants and Coinbase to consider asking for banking licenses.

American cryptographic companies are increasingly exploring the entry into traditional finance. On April 22, Crypto.News contacted Coinbase, which confirmed that he actively envisaged the possibility of obtaining an American banking license.

“This is something that Coinbase actively considers but has not yet made official decisions,” said a spokesperson for Coinbase in Crypto.News in an email.

The move echoes the previous statements of the CEO of Coinbase, Brian Armstrong, who noted that on the basis of the consumer fund volume that he manages, Coinbase would classify like the 21st largest bank In the United States.

In addition, exchange is not the only cryptographic enterprise which envisages such a decision. April 21 WSJ reported The Circle of USDC issuers and the Crypto Bitgo watch office also explore complete banking licenses. This would allow them to function more as traditional banks, offering services such as loans, acceptance of deposits, etc.

Banking licenses would also grant access to the protections of the federal reserve and the insurance insurance, which potentially allowed safer customer funds. However, obtaining these licenses implies a strict regulatory examination and high costs of compliance.

Until now, the only cryptocurrency company to have a banking license is digital anchorage. CEO Nathan McCauley revealed that the company had spent tens of millions to meet the regulatory requirements.

The United States is preparing to regulate stablecoins, altcoins

The push towards more licenses comes in the middle of a more friendly American administration for President Donald Trump. Regulatory agencies as dry take more lenientlargely thanks to Trump’s politicians.

Meanwhile, legislators are currently examining two major bills: the Genesis Act and The Stable Act. These aim to establish a regulatory clarity for the cryptography sector and should benefit to compliant companies.

For this reason, American banks also warm up for the cryptography sector. In February of this year, the CEO of Bank of America Brian Moynihan revealed that the company was considering Launch of its own stablecoin. Earlier, in January, Moynihan also argued for integration Cryptographic payments in the banking sector.