From Cointelegraph

April 21, 2025 8:55 am:

Major cryptocurrency firms like Circle and BitGo are considering applying for bank charters or licenses, following in the footsteps of Paxos, which received preliminary approval for a US bank charter in 2021. US Federal Reserve Chair Powell supports a legal framework for stablecoins, recognizing their wide consumer appeal after past failures and frauds.

The US House Financial Services Committee passed the STABLE Act, a bill focused on regulating stablecoins, alongside the GENIUS Act, which emphasizes state and federal regulation. The STABLE Act enforces a two-year moratorium on issuing certain stablecoins and mandates separate holding of reserves to protect customer deposits.

Crypto firms considering bank charters could operate like traditional lenders, but would face stricter regulatory oversight. Anchorage Digital, with a federal bank charter, reportedly spent millions on compliance. However, the US Department of Homeland Security has launched an investigation into Anchorage Digital Bank, amid reports of increased interest in bank charters by crypto companies.

Read more at Cointelegraph: Circle, BitGo about to apply for bank charters, others may follow: WSJ