As regulatory discussions unfold, firms like Circle are ramping up lobbying efforts to ensure that legislation does not disproportionately favor traditional banks over nonbank stablecoin issuers.

This renewed interest from banks in collaborating with crypto firms can be traced back to a shift in federal policy under the Trump administration, which has encouraged greater engagement.

In April 2025, the U.S. House Financial Services Committee passed the STABLE Act, which emphasizes strict federal oversight of the stablecoin industry and introduces a two-year moratorium on issuing certain collateralized stablecoins.

Cryptocurrency firms in the U.S., including Circle, BitGo, Coinbase, and Paxos, are actively pursuing banking licenses to deepen their integration with traditional financial systems.

The collapse of FTX and the shutdown of crypto-friendly banks like Silvergate and Signature Bank in 2022 severed crucial ties between the crypto industry and traditional finance.

Anchorage Digital, the only U.S. crypto-native firm with a federal bank charter, has highlighted the challenges of compliance costs while viewing regulatory clarity as a significant opportunity.

Federal Reserve Chair Jerome Powell has advocated for a clear legal framework for stablecoins, recognizing their growing role in the economy and the need for regulatory clarity.

The STABLE Act, alongside the GENIUS Act, aims to formalize stablecoin regulations, requiring issuers to obtain licenses and comply with new criteria, thus treating them as financial institutions.

Under the GENIUS Act, stablecoin issuers would face stringent Anti-Money Laundering (AML) regulations and user verification requirements, enhancing compliance measures in the sector.

While some traditional banks are beginning to explore crypto services, skepticism persists among others, as they monitor the evolving U.S. crypto landscape.

Circle is also pursuing licenses and has delayed its IPO due to market uncertainties, underscoring the pressing need for regulatory clarity in the crypto space.

Various companies are seeking different types of banking licenses, with some aiming for national trust or industrial bank charters, while others focus on licenses for stablecoin issuance and custody services.