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-Deutsche Bank and Standard Chartered, examine expanding their cryptocurrency operations.
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More guidelines are expected to be published on how banks can interact with Bitcoin.
The cryptocurrency industry is taking decisive steps to integrate into the traditional financial system of the United States, in a context of political support and regulatory advances promoted by the administration of President Donald Trump. After years of tensions and restrictions, banks and cryptocurrency companies are forging alliances and looking for bank licenses, redefining the country’s financial panorama.
Two years ago, the collapse of the FTX exchange platform and the bankruptcy of banks related to the sector, such as Silvergate Capital and Signature Bank, took many traditional banks to break ties with cryptocurrencies. However, Trump’s promise to turn the US into a «Bitcoin superpower» has changed the course. New policies and regulatory relaxation They are opening the door to greater collaboration between both worlds.
Leading companies in the sector, such as Circle, Bitgo, Global Coinbase and Paxos, are exploring the obtaining of bank licenses or fiduciary statutes that allow them to operate as traditional financial institutions, accepting deposits, granting loans or issuing Stablecoins, according to what is reported by The Wall Street Journal.
Bitgo, for example, plans to request a bank authorization and already acts as custodian of the Ishares Bitcoin Trust of Blackrock, together with Coinbase. For its part, Anchorage Digital, the only cryptocurrency company with a federal bank authorization to date, is investing dozens of millions of dollars for comply with strict regulations, facing challenges as an order of consent in 2022 for deficiencies in the fight against money laundering.
The rise of the stablecoins, such as Tether (with a market capitalization of 145 billion dollars) and USD Coin de Circle (61 billion), is at the center of this transformation. These currencies, linked to the dollar, facilitate more volatile cryptoactive transactions and are seen as a bridge towards mass adoption.
The US Congress discusses two bills that would establish a regulatory framework for Stablecoins, demanding licenses from their issues. In addition, World Liberty Financial, a project linked to the Trump family, plans to launch USD1, a Stablecoin backed by Bitgo, as reported by The Wall Street Journal.
Banks want to operate with cryptocurrencies
Traditional banks are also entering the game. For example, Bank of America considers issuing its own stablecoin if a clear legal framework is established, while US Bancorp relaunched its cryptocurrency custody service in alliance with Nydig.
In addition, a consortium of global banks, including Deutsche Bank and Standard Chartered, studies expanding their cryptocurrencies In the US, however, some, such as Keycorp, adopt a cautious posture, citing regulatory risks and the difficulty of tracking the evolution of cryptocurrencies.
As regulators prepare new guidelines to facilitate the interaction of banks with cryptocurrencies, the financial sector is at a turning point. The integration of cryptocurrencies promises innovation, but also raises challenges in terms of regulatory compliance and protection against money laundering.
As Nathan McCauley, executive director of Anchorage Digital, said, «the entire range of regulatory obligations of banks can intertwine with the cryptocurrency industry.» The Financial Future of the USA.