Reuters reports that cryptocurrency companies are applying for banking licenses under the Trump administration

Fintech and cryptocurrency companies are seeking state or national banking licenses to expand their operations, taking advantage of what is seen as a friendlier environment for the industry under the Trump administration. Companies looking to build trust with customers and expand their business are finding opportunities to obtain licenses that regulators have been reluctant to approve in the past, according to several industry executives. Reuters reported on the 18th after interviewing the companies.

"We've seen a significant increase in interest. We're working on multiple applications right now," said Alexandra Steinberg-Balaj, a lawyer at the law firm Trautman Pepper Rocchi. "I'd say we're seeing a lot of momentum..."