Crypto Firms Expand into Banking as Trump Administration Warms to Digital Assets

Crypto companies are rapidly expanding into traditional banking services, emboldened by the Trump administration’s friendlier stance toward digital assets. From Kraken’s imminent launch of debit and credit cards to Ripple, Circle, and BitGo applying for national trust bank charters, the sector is shedding its anti-establishment roots. The push signals a new phase of convergence between crypto and mainstream finance—driven by the promise of federal charters, upcoming stablecoin legislation, and a regulatory climate that encourages digital asset integration into the U.S. financial system.

The shift indicates crypto executives’ growing confidence following the White House’s increased openness to digital assets. Companies are seeking to broaden beyond pure digital asset services into mainstream financial offerings. Kraken co-CEO Arjun Sethi described the expansion as “a natural convergence,” with the exchange planning to launch debit and credit cards by month-end. Circle, a stablecoin issuer, indicated that obtaining a national bank trust charter from the Office of the Comptroller of the Currency would be a “a meaningful step” in incorporating crypto into the larger financial system. Currently, only Anchorage Digital holds a national bank charter among crypto companies.

Max Bonici, partner at Davis Wright Tremaine, noted, “It’s a 180 from where a lot of these crypto companies started, saying ‘we don’t need banks, we don’t need laws, we’re above it all.’” National trust banks can process payments but cannot provide loans or accept direct deposits from customers. The charter removes requirements for individual state licenses and improves access to the financial system. The banking push precedes the debate in Washington on stablecoin legislation, which would bring these dollar-pegged tokens closer to traditional finance. Stablecoin regulation would be strengthened under the planned Genius Act, which would also make them more closely tied to the U.S. Treasury’s backing. Under the proposed system, stablecoins will only be issued by OCC-licensed non-bank organizations and regulated banks. To maintain stablecoin reserves directly with the Federal Reserve, Ripple also registered for a master account, according to CEO Brad Garlinghouse.

Crypto integration is something that traditional fintech organizations are also pursuing. Robinhood, which last year received more than half of its transaction revenue from cryptocurrency, intends to launch banking services. CEO Vlad Tenev aims to provide comprehensive financial services, encompassing tax planning and estate planning. London-based Revolut, which generates substantial revenue from crypto trading, has long-term ambitions for a U.S. banking license. Klarna CEO Sebastian Siemiatkowski plans to transform the consumer lender into a crypto company. Large banks, including Bank of America, are preparing to issue stablecoins once U.S. regulatory frameworks are finalized.

This move by Ripple, Circle, and BitGo into traditional banking services is a strategic response to the growing demand for regulated and secure digital asset services. Institutional investors are increasingly looking for ways to invest in digital assets while adhering to regulatory requirements. By obtaining national trust bank charters, these firms would be able to offer these investors the regulatory compliance and security they need, potentially attracting more institutional capital into the digital asset market and further driving its growth and adoption. The expansion of cryptocurrency firms into traditional banking services represents a convergence of traditional finance and decentralized technologies, creating new opportunities for innovation and growth. As these firms continue to expand their services, they are likely to play a crucial role in shaping the future of finance, bridging the gap between the digital and traditional worlds.