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Crypto firms and fintech companies are reportedly applying for bank charters under the Trump administration, paving the way for greater financial legitimacy. According to a recent Reuters report , crypto firms are looking to apply for bank charters to expand their businesses and potentially reduce borrowing costs. At least half a dozen industry executives have confirmed that crypto firms “see an opportunity” under the Trump administration to gain credibility among customers by applying for a banking licenses. A bank charter is a legal license issued by a government that allows a firm to operate and offer banking services. It defines the bank’s structure, permitted activities, and the regulations it must follow to protect customers and maintain financial stability. “We have seen a lot more interest. We are working on several applications now,” said law firm partner at Troutman Pepper Locke, Alexandra Steinberg Barage. Barage said the firm’s clients are “cautiously optimistic” under the new administration but are waiting for more clarity as the Trump administration begins appointing financial agency heads. During the Biden administration, securing bank charters was difficult, as regulators were slow or reluctant to approve them, especially for crypto firms. The previous administration maintained a more negative stance toward crypto compared to the current administration. Two other sources currently working on potential applications told Reuters that discussions and preparations for bank charters have increased significantly since Donald Trump returned to office. However, they are waiting to see how many firms will follow through with their applications. Although a bank charter subjects institutions to stricter regulatory oversight, it also comes with significant advantages. Carleton Goss, a partner at Hunton Andrews Kurth who is working on three applications, said a bank charter could help firms reduce borrowing costs by drawing on deposits. It would also enhance a company’s legitimacy and create new business and market opportunities. “It makes sense for them to get ahead of the curve, and in turn, get more credibility and capital at a lower cost by applying for a charter,” said Goss. Last February, Wall Street banks reportedly showed interest in initial public offering opportunities through crypto firms. The spark of interest came after major crypto exchanges like Gemini and Bullish expressed interest in going public. Kraken and stablecoin issuer Circle have also explored public listings.