Crypto Firms Seek National Trust Bank Licenses Amid Regulatory Shifts

Crypto firms Ripple, Circle, and BitGo are making strategic moves to secure national trust bank licenses in the U.S., a development driven by recent regulatory shifts. This initiative follows a 2025 executive order under the Trump administration that supports digital asset innovation, encouraging crypto firms to expand into areas traditionally reserved for banks.

These licenses would grant the firms direct access to the Federal Reserve and the ability to hold stablecoin reserves without intermediaries. As stablecoin legislation advances, large crypto players are positioning themselves to benefit from upcoming federal rules. By gaining access to the Federal Reserve’s payment systems, these crypto firms can hold stablecoin reserves securely and manage settlements in real time, boosting their credibility with financial institutions and reducing dependence on commercial banks.

This move aligns with efforts to comply with the Office of the Comptroller of the Currency (OCC) standards, allowing them to operate nationwide and integrate more closely with the traditional banking system. The rush to obtain these licenses comes after a 2025 executive order that reversed earlier restrictions on digital assets, promoting a clear regulatory path for crypto businesses while enabling financial innovation.

The policy change has accelerated institutional interest and raised the stakes for crypto-native companies seeking early mover status. Direct access to central banking infrastructure could become a game-changer for firms issuing stablecoins. Meanwhile, the Genius Act is progressing through Congress, proposing strict reserve requirements and mandating that issuers be regulated by federal authorities. Circle and similar large-scale issuers may gain a competitive edge if the bill passes.

The Senate Banking Committee advanced the bill in April 2025. Industry observers believe that only firms with national trust bank status will meet its standards, potentially excluding smaller competitors. As crypto firms move into banking territory, traditional financial institutions are reacting. Kraken has announced plans for a crypto-linked debit card, while Robinhood and Revolut are expanding their banking services.

These moves suggest that the line between crypto and finance is blurring. However, this convergence comes with challenges. Experts expect increased compliance costs and tighter regulation across both sectors. Still, the firms that secure federal banking licenses now may set the tone for future crypto-financial infrastructure.