Insider: Circle, BitGo and many other crypto companies plan to apply for banking licenses

PANews reported on April 21st that according to Jinshi citing the Wall Street Journal, two years after the collapse of FTX and two crypto-friendly banks, regulators cracked down on cryptocurrencies, causing some traditional financial institutions to distance themselves. Now, Trump's promise to make the United States a "Bitcoin superpower" lays the groundwork for closer integration between cryptocurrencies and the banking system. According to informed sources, many crypto companies, including Circle and BitGo, plan to apply for bank licenses. Others say that Coinbase Global and stablecoin company Paxos are also considering similar moves. Meanwhile, the Trump administration is taking action to incorporate cryptocurrencies into mainstream finance, and Congress has proposed two bills that would establish a regulatory framework for stablecoins, making it easier to buy and sell more volatile cryptocurrencies. The legislation would require stablecoin issuers to obtain regulatory charters or licenses.