Cryptocurrency and fintech companies are increasingly pursuing bank charters to expand their businesses under the Trump administration, according to a report from Reuters. This trend has emerged due to the administration's perceived openness to the crypto industry, offering opportunities for companies that previously faced delays under earlier administrations. While the number of approved bank charter applications has drastically decreased since the financial crisis of 2008, the current regulatory environment appears more supportive. Examples of crypto firms that have successfully applied for charters include Kraken, Anchorage Digital Bank, and Nexo. Although applying for a bank charter involves significant financial investment and compliance challenges, such as anti-money laundering regulations, securing a charter can lead to substantial benefits like lower capital costs by accepting deposits. The shift towards exploring bank charters showcases the growing ambitions of cryptocurrency companies in a changing regulatory landscape.

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