A quiet move by the Trump administration is allowing major crypto firms to skirt U.S. state regulators that have, for years, played a key role in policing dirty money in the industry.

Following a recent reinterpretation of banking rules, federal authorities have granted some crypto companies special, slimmed-down national banking licenses that come with minimal federal oversight and immunity against a wide range of actions by state regulators.

The sudden loss of state authority over some major crypto firms shocked Linda Conti, superintendent of Maine’s Bureau of Consumer Credit Protection, which oversees licensing of money-transmitting firms.

“We will not be able to address consumer complaints,” Conti told the…