**Deutsche Bank & Standard Chartered Dive Deeper Into US Crypto—Because Late Is the New Early**
🏦 **Banking giants catch the FOMO bug**: Deutsche Bank and Standard Chartered are reportedly expanding crypto operations in the US—just as regulators start sharpening their knives. 🔥 **Why now?** Either they’ve finally cracked the ’blockchain is not just for drug dealers’ memo, or they’re scrambling to grab market share before Wall Street’s old guard finishes their coffee. 💸 **Bonus jab**: Nothing says ’innovation’ like banks jumping in after retail traders have already done the heavy lifting. Stay tuned for the inevitable ’crypto risk management’ fees.
Crypto Firms And Banks To Expand US Operations
On Monday, The Wall Street Journal (WSJ) reported that the crypto industry is “pushing deeper into the banking system,” as several firms plan to apply for bank charters or licenses, including Circle and BitGo, according to WSJ sources.
The news media outlet alleges that Coinbase and Paxos are examining similar moves. Meanwhile, some unnamed firms are interested in national trust or industrial bank charters that allow them to operate like traditional lenders, making loans and taking deposits.
Other crypto firms are reportedly seeking specific licenses to issue stablecoins, as related legislation gains momentum in Congress. Notably, the firms that apply and get a bank charter will be subject to stricter regulatory oversight.
On the other hand, the report also affirmed that traditional financial giants, including Deutsche Bank and Standard Chartered, are working to “catch up and forge ties” with the crypto industry by revisiting their approach to the sector.
According to sources cited by the WSJ, a group of banks has started to explore ways to expand their crypto operations in the US after the new industry-friendly administration shifts from its “regulation by enforcement” strategy.
Although details of the alleged plans have not been revealed, the report notes that other banks remain cautious. It cites KeyCorp Chief Executive, Chris Gorman, who sees the potential opportunity in the crypto space but wants to evaluate how it develops with the “regulatory challenges,” such as anti-money laundering (AML) safeguards.
Traditional Institutions Await US Legislation
Other banking giants have recently expressed their desire to expand into the crypto industry. In January, Bank of America CEO Brian Moynihan asserted that the US banking industry was ready to embrace crypto payments.
According to the CEO, banks would “come hard” to crypto once the regulators allow it and a clear regulatory framework is established. “If the rules come in and make it a real thing that you can actually do business with, you’ll find that the banking system will come in hard on the transactional side of it,” he stated.
Moynihan later affirmed that Bank of America would issue a stablecoin if the legal framework were established. Since taking office on January 20, the Trump administration has notably shifted the previous government’s regulatory approach.
The Securities and Exchange Commission (SEC) has dropped or paused most of its major enforcement cases. Moreover, US lawmakers have proposed several policies addressing various crypto-related topics, including the Strategic Bitcoin Reserve (SBR) and stablecoin regulation.
In February, US Senator Bill Hagerty introduced the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act) to develop a framework to allow tokens like USDT and USDC to fall under the Federal Reserve Rules.
The legislation aims to establish a “safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.”
