Financial technology firms and crypto companies are seeking to become state or national banks in a bid to expand their business under the Trump administration that they view as more industry-friendly, according to more than half a dozen industry executives.
Firms that had been seeking to expand and gain credibility with customers see an opportunity under US President Donald Trump to get licenses that regulators were previously slow or reluctant to approve.
“We have seen a lot more interest. We are working on several applications now,” said Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper Locke. “Is it in full swing yet? I don’t think so. Our clients are being cautiously optimistic, they’re waiting for…
