Coinbase Considers Applying for a US Federal Banking License

Odaily News Coinbase confirms that it is considering applying for a U.S. federal banking license. A Coinbase spokesperson said the company is actively considering this option but has not made any formal decision. (Cointelegraph)
Earlier news, according to people familiar with the matter, many crypto companies including Circle and BitGo plan to apply for banking licenses or permits. Cryptocurrency trading platform Coinbase Global and stablecoin company Paxos are also considering similar moves. After obtaining a banking license, cryptocurrency companies will likely absorb deposits and make loans like traditional banks, but will also face stricter supervision and reporting requirements. At the same time, the Trump administration is taking action to incorporate cryptocurrencies into mainstream finance, and Congress has also proposed two bills to establish a regulatory framework for stablecoins. The legislation will require stablecoin issuers to obtain a charter or license from a regulator.