TechFlow News, March 19 — According to Reuters as reported by Cryptonews, multiple fintech and cryptocurrency companies are applying for state or national banking licenses, hoping for faster approvals under the crypto-friendly Trump administration.
Obtaining banking licenses would allow crypto firms to offer a broader range of financial services, enhance their legitimacy in customers' eyes, and reduce borrowing costs through deposit-taking. Carleton Goss, partner at Hunton Andrews Kurth, said this could also help companies lower capital costs, though they would simultaneously face stricter regulatory scrutiny.
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