💨 Abstract

Under the Trump administration, financial technology firms and crypto companies are seeking state or national bank licenses to expand their businesses, citing a more industry-friendly approach. Firms aim to gain credibility, lower costs, and increase legitimacy. The surge in applications comes after a decline since the financial crisis. However, the regulatory process remains rigorous, with challenges such as access to capital, complying with anti-money laundering laws, and the Bank Secrecy Act.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖