The push for bank licenses among cryptocurrency firms is gaining momentum, as revealed during a panel at the Consensus Miami 2026 Policy Summit. Executives from federally regulated banks highlighted that the number of crypto companies pursuing official bank charters is increasing significantly. This trend reflects the industry’s desire for regulated status, which can enhance credibility and lower operational expenses.
Attaining a bank charter provides direct access to customer deposits and places companies under federal supervision. For crypto enterprises, this translates into reduced borrowing costs and a move away from unclear regulatory environments. Additionally, it signals legitimacy to institutional investors who are wary of unregulated entities.
The accelerated interest in bank charters was already evident earlier in 2025, with at least half a dozen crypto executives confirming their plans to apply under the current administration. This comes after the Office of the Comptroller of the Currency (OCC) eased its previous stance against cryptocurrencies, now allowing banks to engage in activities like stablecoin operations and custody services.
One notable application is from World Liberty Financial, which sought a national trust bank charter through its WLTC Holdings entity. Even though Senator Elizabeth Warren has urged the OCC to pause the review, the move underscores the broader trend. Law firm Troutman Pepper Locke has reported working on multiple charter applications.
With a charter, crypto firms can offer loans and deposits directly, bypassing costly third-party intermediaries. SoFi’s transformation into a nationally chartered bank that offers crypto trading serves as a prominent example of this shift.