Ripple, Circle, BitGo Seek US Bank Licenses Under Trump

- Ripple, Circle, and BitGo pursue U.S. trust bank charters to scale nationally. - Genius Act proposes tighter stablecoin rules amid crypto companies’ race for legitimacy. Ripple, Circle, and BitGo are taking significant steps to integrate with the U.S. financial system by applying for national trust bank charters under the Trump administration's regulatory framework. A successful application would allow these firms to custody cryptocurrency and process payments nationwide, bypassing state-level licensing requirements. On July 13, 2025, Cryptopolitan reported this initiative reflects a growing drive for regulatory legitimacy within the crypto industry. Meanwhile, Kraken is taking an alternative approach, as the company plans to launch crypto-linked debit and credit cards by the end of July by partnering with financial institutions, thereby avoiding the need for a full banking license. The Office of the Comptroller of the Currency (OCC) must approve these national trust bank charters, and an approval would allow crypto companies to integrate more seamlessly with traditional finance. Although these licenses do not permit lending or accepting direct customer deposits, they mark a significant step forward in bridging the gap between decentralized and regulated systems. To date, Anchorage Digital is the only crypto firm with such a charter. Ripple, Circle, and BitGo have aligned their strategies to pursue these licenses, positioning themselves to expand their market presence and scale operations nationwide. Simultaneously, Kraken, one of the largest cryptocurrency exchanges, is adopting a distinctly different path by opting not to apply for a banking license. Instead, Kraken will partner with existing financial institutions to launch crypto-linked debit and credit cards for lending services, a move Co-CEO Arjun Sethi described as a "natural convergence" of crypto and traditional finance. The card offering, expected by the end of July, will add to Kraken's growing suite of financial services. In regulatory news, the Genius Act, a proposed legislative measure, may introduce stricter oversight for stablecoins. According to Cryptopolitan, the bill would require stablecoin issuers to secure OCC licenses or operate as regulated banks and also mandates that stablecoins be fully backed by U.S. Treasuries. The Senate has already passed the Genius Act, which now awaits a decision in the House of Representatives. Reports suggest the Trump administration supports the legislation, which could reshape the stablecoin landscape by enforcing stricter compliance and transparency standards. This regulatory shift mirrors an industry-wide trend toward deeper integration between fintech and traditional financial institutions. Cryptopolitan noted several examples of this trend, such as Robinhood's plans to roll out banking features this fall, while the UK-based fintech Revolut has applied for a U.S. banking license. Even legacy banks like Bank of America are reportedly devising plans to issue stablecoins once regulations become clear. These developments highlight a key shift wherein crypto companies now seek regulatory approval to operate within the boundaries of conventional finance, not outside them. As of July 13 at 17:08 UTC, XRP (XRP) is trading at $2.821, a price that reflects a 3.878% increase in its 24-hour trading volume. Meanwhile, USD Coin (USDC) remains stable at $1.00 as of July 13 at 17:09 UTC, although its 24-hour trading volume shows a minor decrease of 0.008%. These figures underline sustained market interest as the crypto industry adapts to regulatory changes and operational shifts.