A significant shift may be underway as major international banks, including financial heavyweights Deutsche Bank and Standard Chartered, are reportedly investigating opportunities to broaden their crypto operations within the United States.
Sources suggest these global banking institutions are reassessing their digital asset strategies. This renewed interest marks a potential turning point for traditional finance, which largely retreated from the crypto space following high-profile incidents like the FTX collapse and the failure of crypto-focused banks.
The exploration into deeper US crypto involvement comes amid suggestions of a more favorable political climate, including former President Trump’s vow to foster a crypto-friendly environment in America. Details on the specific stage of these plans remain scarce, but the trend points towards traditional finance cautiously re-engaging with the sector.
Meanwhile, established crypto firms are also seeking greater legitimacy within the traditional financial system. Companies like BitGo, Circle, Coinbase, and Paxos are reportedly among those considering applications for banking charters or licenses, aiming to bridge the gap between digital assets and regulated finance.
Currently, Anchorage Digital stands out as the sole crypto entity holding a federal bank charter. However, recent reports indicate the firm is facing scrutiny from the U.S. Department of Homeland Security’s El Dorado Task Force, which investigates financial crimes. Former employees have allegedly been contacted regarding the firm’s operational practices.
Anchorage Digital has contested these reports, labeling the claims as speculative and stating the inquiry’s specific nature and targets are unknown. This situation underscores the complex regulatory landscape crypto firms must navigate, even those with existing charters.