Coinbase Considers Applying for U.S. Federal Banking License
U.S. cryptocurrency exchange Coinbase has confirmed to Cointelegraph that the company is considering applying for a U.S. federal banking license.
In a statement to Cointelegraph, a Coinbase spokesperson stated:
This comment comes after several media reports that Coinbase and other major cryptocurrency companies are planning to apply for U.S. banking licenses. In addition to Coinbase, other mentioned companies include crypto asset custody provider BitGo, as well as stablecoin issuers Circle and Paxos.
With U.S. regulators adopting a more lenient stance on cryptocurrency regulation and integrating stablecoins into the traditional financial system, many businesses may now also consider applying for banking licenses. This policy shift is evident at multiple levels of the U.S. federal government.
Recently, U.S. Federal Reserve Chair Jerome Powell stated that establishing a legal framework for stablecoins is a “good idea” as digital assets gain mainstream adoption. He also acknowledged that the crypto space has brought about consumer use cases that “may have broad appeal.”
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