Recent reports in the financial press discussed the possibility that major crypto firms, including Circle, were seeking a federal bank charter in the U.S. Circle has issued a statement refuting these claims.
What Was Claimed About Circle's Bank License?
A Wall Street Journal report indicated that several crypto companies, including Circle, were exploring U.S. banking licenses to build stronger connections with the traditional banking system.
Circle's Official Regulatory Stance
Dante Disparte, Circle’s Chief Strategy Officer, explicitly denied the rumor that the company was pursuing a U.S. federal bank charter, stating they may seek trust charters or other non-bank licenses.
Stablecoin Regulation and Circle's Strategy
Circle's strategy to comply with upcoming stablecoin regulations includes seeking licenses that align with their business of issuing stablecoins, rather than aiming to become a traditional bank.
Circle has made it clear that it is looking for specialized licenses in relation to stablecoin regulation, emphasizing the need for clarity in establishing its position in the financial market.
