Current currency and technology companies are increasingly obtaining banking covenants in an attempt to develop their business under the Trump administration, According to To a Reuters report, which spoke to more than half of the Dzah of CEOs in this field.
These moves come because the administration is more suitable for the industry and there are opportunities to gain licenses that the organizers may be under the previous departments to approve them.
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While discussions about the follow -up of banking covenants are high, it is not known that the number of companies that will be followed in the end is not known. It can cost tens of millions of dollars to start a bank, but there are advantages such as increasing credibility with the general public.
According to Reuters, 144 bank rental requests were approved between 2000 and 2007, but this number reduced only five accredited annually between 2010 and 2023.
The Trump administration has indicated openness to innovation in the financing sector, especially in the coded currency industry. Since its inauguration in January, President Trump has created a coding working group, and has signed an executive order to create a strategic national reserves (BTC), and hosted the first encryption summit in the White House.
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The encryption companies that submitted an application to obtain bank covenants in us
Although it is uncommon for encryption companies to search for bank covenants in the United States, there are examples of some of those who succeeded in 2020s. Kraken's encryption was consent To obtain a bank charter in Wyoming in 2020, the Bank Digital Anchorage received its charter in January 2021, and Crypto Lander Nexo bought a stake in a holding company that owns a federally relaxed bank in 2022.
Companies face challenges when applying for banking covenants in the United States, such as compliance with anti -money laundering laws and adherence to the banking confidentiality law. The increasing and central regulatory supervision may also be inconsistent with the spirit of encryption, as decentralization is a basic value.
However, securing the bank charter comes with a great financial benefit: the companies that do so can reduce the cost of capital by accepting deposits.
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