Forbes: Relaxed US regulations drive crypto firms to compete for banking licenses and pursue "banking transformation"

Odaily Planet Daily reports that as the regulatory environment in the United States gradually relaxes, the fintech industry is accelerating its transition to “licensed banking.” Last year, the approval process for trust bank licenses significantly sped up. The Office of the Comptroller of the Currency (OCC) has approved conditional applications for national trust bank licenses for five companies, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. It is also believed that holding a banking license is an important means of hedging against capital market fluctuations. Industry insiders believe that the era of fintech companies serving only as front-end channels for traditional banks is coming to an end. More and more digital finance and crypto institutions are directly seeking banking licenses, which allow them to accept deposits and connect to the federal payment system, providing more stable and low-cost funding sources. (Forbes)