Financial Times: Trump regulates loose ties to help cryptocurrency companies seize the US banking industry

According to media reports such as the Financial Times, cryptocurrency companies are accelerating their entry into the traditional banking industry in the United States, taking advantage of the Trump administration's friendly regulatory environment for digital assets. Ripple, Circle, and BitGo have applied for a National Trust Bank license, which allows them to provide cryptocurrency custody and payment processing services without the need to apply for licenses on a state by state basis, enabling nationwide operations. Circle applies to establish the "First National Digital Currency Bank" with the aim of strengthening the USDC stablecoin infrastructure and complying with the requirements of the GENIUS Act. Ripple has also applied for a Federal Reserve main account to directly hold stablecoin reserves. At the same time, Kraken plans to launch debit and credit cards by the end of this month, with no intention of applying for a full banking license, focusing on the integration of cryptocurrency tools and financial services. Market analysis suggests that the Trump administration's open attitude and progress in stablecoin legislation are driving this trend, but regulatory approval remains uncertain.