according to Cryptonews citing Reuters, multiple financial technology and cryptocurrency companies are applying for state or national bank licenses, hoping to obtain faster approval under the crypto-friendly Trump administration.

Obtaining a bank license will allow cryptocurrency companies to offer a wider range of financial services, enhance their legitimacy in the eyes of customers, and lower borrowing costs by accepting deposits. Carleton Goss, partner at Hunton Andrews Kurth law firm, said that this will also help businesses reduce their capital costs, but at the same time they will have to undergo stricter regulatory scrutiny.