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Four major crypto companies are seeking various banking licenses in a strategic effort to integrate digital assets with traditional financial systems, according to a new Wall Street Journal report.
According to the WSJ report, USDC-issuer Circle and BitGo are pursuing federal bank charters that would allow them to function as conventional lending institutions, offering deposit services and loans.
The report also says that Coinbase and Paxos are exploring “similar moves.”
Currently, Anchorage Digital stands as the only crypto-native company holding a federal bank charter, highlighting the substantial compliance hurdles facing digital asset firms.
Back in 2022, Anchorage was ordered by the Office of the Comptroller of the Currency (OCC) to improve its controls around client due diligence, monitoring suspicious customer activity and other anti-money-laundering measures.
Last week, according to a report from Barron’s, the U.S. Department of Homeland Security’s El Dorado Task Force, which combats money laundering and other financial crimes, contacted Anchorage Digital Bank employees to inquire about the company’s practices and policies.
The report cited anonymous sources “familiar with the inquiry.” The specific reason for the probe remains unclear.
Says Anchorage CEO Nathan McCauley of complying with federal regulations,
“It has not been easy… [the] whole gamut of regulatory and compliance obligations that banks have can be intertwined with the crypto industry.”
