PANews reported on March 19 that according to Reuters, several industry executives revealed that fintech companies and crypto companies are seeking to become US state banks to expand their business under the Trump administration, which they believe is more friendly to the industry. These companies have been seeking to expand their business and win customer trust, and now under the leadership of US President Donald Trump, they see opportunities to obtain licenses that regulators were previously slow or reluctant to approve.

"We are seeing more interest. We are working on several applications right now. But I don't think it's full swing. Our clients are cautiously optimistic and are waiting for the situation to stabilize as the government is appointing the heads of the banking agencies," said Alexandra Steinberg Barrage, a partner at law firm Troutman Pepper Locke. Two sources who are working on potential applications said there has been a significant increase in discussions and preparations for banking licenses. They said it was unclear how many companies would follow through.

Although institutions will have to deal with more regulatory scrutiny after becoming a bank, in some cases their capital costs and business costs may be reduced. A license can also provide a business with more legitimacy in the eyes of customers and enable it to increase business and market opportunities. It will enable the company to lower its borrowing costs by taking in deposits, another huge advantage, said Carleton Goss, a partner at law firm Hunton Andrews Kurth, who is handling three such applications. New banks will also promote industry competition and serve specific customer groups or regions, industry sources and analysts said.