US-based cryptocurrency companies have been actively seeking bank licenses to expand their operations. This urgency has been driven by the changing regulatory landscape since the beginning of Trump’s administration. Companies are seizing the opportunities arising from this shift to quickly enhance their market presence.
BitGo and Ripple Bank Licenses
According to a report from WSJ, the cryptocurrency company BitGo has received conditional approval from the OCC to transition to bank status. The Office of the Comptroller of the Currency (OCC) has recently made several announcements that pleased cryptocurrency investors, the most significant of which is granting BitGo permission for a bank license.
With this approval, BitGo will convert its trust company registered in South Dakota into a trust bank with national coverage. This will authorize the company to custody certain non-deposit assets and offer products across the country without needing state-specific crypto approvals. The final approval is anticipated soon.
Many cryptocurrency companies are scrambling to obtain banking licenses in the US. Just as this article was being prepared, Bloomberg reported that Ripple 
$1 also received conditional approval to form the Ripple National Trust Bank. This milestone indicates a significant day for crypto companies awaiting bank licenses.
Despite these advancements, the XRP Coin remains stable. Bitcoin 
$64,336‘s value saw a $3,000 drop shortly after market opening, perpetuating concerns in the cryptocurrency market.
