Circle, BitGo to apply for bank charters; Coinbase, Paxos may follow suit: WSJ 🏦
Circle and BitGo are preparing to apply for bank charters, according to a report. This move is unfolding against the backdrop of a "territorial battle" over stablecoin legislation in the U.S. Congress. The competition involves crypto companies and established banks, each seeking influence over emerging financial rules.
The potential steps by Circle and BitGo could be followed by Coinbase and Paxos, as these companies aim to gain a stronger foothold in the regulatory landscape. The report highlights an ongoing conflict in the financial sector as digital assets challenge traditional banking frameworks.
Source: www.theblockcrypto.com ↗
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