By Bardil 
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In a bold move to integrate digital assets with traditional financial systems, four leading cryptocurrency companies are actively pursuing banking licenses, according to a recent report by The Wall Street Journal.
The report reveals that CIRCLE, the issuer of USDC, and BITGO are seeking federal bank charters, which would enable them to operate as conventional lending institutions, offering services such as deposits and loans. Additionally, COINBASE and PAXOS are exploring similar strategies, signaling a strategic shift in the crypto industry’s approach to regulatory compliance and financial integration.
Currently, ANCHORAGE DIGITAL remains the only crypto-native company holding a federal bank charter, underscoring the significant regulatory challenges faced by digital asset firms. In 2022, the Office of the Comptroller of the Currency (OCC) directed Anchorage to enhance its client due diligence processes, monitoring of suspicious activities, and anti-money laundering measures.
Adding to the scrutiny, the U.S. Department of Homeland Security’s El Dorado Task Force recently contacted employees of ANCHORAGE DIGITAL BANK to inquire about the company’s practices and policies, according to sources familiar with the matter. The exact nature of the inquiry remains undisclosed.
Speaking on the complexities of navigating federal regulations, NATHAN MCCAULEY, CEO of Anchorage, stated, “It has not been easy… [the] whole gamut of regulatory and compliance obligations that banks have can be intertwined with the crypto industry.”
This development highlights the growing efforts of crypto firms to align with traditional financial systems while addressing regulatory challenges head-on.
Sources: The Wall Street Journal, Barron’s, Office of the Comptroller of the Currency (OCC)
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