The Great Crypto Re-Banking Has Begun

Published: Wednesday, July 23, 2025 at 10:18 am

The Crypto Banking Landscape Shifts in the US

The crypto industry in the United States is experiencing a significant shift in its access to banking services. For years, crypto firms faced difficulties securing traditional bank accounts, often leading them to seek alternatives like offshore banks or converting funds into crypto assets. This hampered their ability to operate smoothly, hindering their ability to accept dollars, earn interest, and pay employees.

However, a change is underway. With a new administration in the White House, several US-based fintech companies are now actively courting crypto firms, offering them bank accounts and related services. This development aligns with the administration's stated goal of making the US a global leader in the crypto space.

This shift has been driven by fintechs like Meow, Mercury, and Brex, which are providing crypto-friendly services. These fintechs often act as a software layer on top of traditional banks, handling customer acquisition and user interface while the partner bank manages deposits. This model allows fintechs to focus on growth and innovation without the complexities of obtaining a banking license.

While this offers a more welcoming environment for crypto firms, challenges remain. The industry's access to banking services is still subject to the political climate. There is no guarantee of long-term access, as the underlying partner banks could potentially revoke permission. This uncertainty is a concern for crypto firms, who are wary of relying solely on US fintechs.

BNN's Perspective:

The current trend of fintechs embracing crypto is a positive development, offering much-needed banking access to a growing industry. However, the lack of clear regulatory frameworks and the potential for political shifts create a degree of instability. A balanced approach, combining innovation with robust regulatory oversight, is crucial to ensure the long-term stability and growth of the crypto sector within the US financial system.

Keywords: crypto, banking, fintech, US, Trump, Meow, Mercury, Brex, FIRM Act, Operation Chokepoint 2.0, regulations, financial services

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