US crypto and fintech firms are now looking to secure national or state bank charters

We unpack what this means and take a look at some of the best meme coins to buy as the industry expands. By Utkarsh.output: US crypto and fintech firms are now looking to secure national or state bank charters, which would allow them to operate as banks in the country. This move is believed to be propelled by Trump's aggressive pro-crypto economic approach. We unpack what this means and take a look at some of the best meme coins to buy as the industry expands.

US crypto and fintech firms are now applying to secure national or state bank charters, which would allow them to operate as banks in the country.

This move is being driven by Trump’s aggressive pro-crypto economic approach, which has led to a sea change in administrative priorities.

Bank Charter Benefits

According to a report by Reuters, more than half a dozen industry executives, fintech firms, and crypto companies are planning to expand their business by applying to become state or national banks.

Acquiring the status of a bank brings several advantages to crypto firms, enabling them to offer a wider range of financial products and services directly to consumers.

On the other hand, banks are subject to stricter scrutiny and regulatory requirements compared to fintech firms. However, they also enjoy the benefit of deposit insurance, which can be particularly valuable in times of economic uncertainty.

Bank charters were handed out at a rate of 144 per year between 2000 and 2007. In contrast, an average of five bank charters were approved annually between 2010 and 2023 by the US banking regulator.

Now, with a new administration in place and a focus on cryptocurrency, industry experts anticipate regulators may become more open to awarding bank charters.

Fintech Firm Secures Bank Charter

Rumblings of this shift are already evident. Recently, SmartBiz, a small-business lender and fintech firm, secured a bank charter, marking the first instance of a fintech firm being granted such status since 2021.

This development is expected to pave the way for more fintech firms to apply and potentially gain approval for bank charters in the coming months.

The integration of crypto firms into the banking system could have significant implications for the industry and the broader financial landscape.

Best Meme Coin to Buy First-Time Investors

With the crypto industry booming, the demand for a privacy-first crypto wallet is surging. Especially after recent malicious attacks like the Bybit hack, users are seeking a secure and trustworthy platform to manage their digital assets.

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The success of the presale is a testament to the interest and anticipation surrounding Best Wallet and its unique offerings.

As the Best Wallet App is expected to capture over 40% of the crypto wallet market share by 2026, investing in $BEST could be a smart move for first-time investors.

Those who invest in $BEST will benefit from an increase in the crypto’s price when the wallet takes off, and they’ll get a bundle of unique perks within the Best Wallet ecosystem.

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2. Best New Crypto to Invest In Today: MIND of Pepe

The crypto market is expanding rapidly, with an influx of innovative projects and tokens. This rapid growth presents a unique challenge for investors who are trying to identify the best cryptocurrencies to invest in.

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The project has so far raised over $7.4M and is easily among the best new cryptos. Here’s how to buy $MIND.

3. Tutorial ($TUT)

Another one of the best altcoins right now is Tutorial ($TUT), a unique initiative that aims to educate people about cryptocurrency, DeFi, blockchain technology, and especially the BNB network.

It was initially built as a demonstration token, showing users the entire process of launching a token on the BNB chain.

Thanks to its one-of-a-kind proposition, $TUT exploded almost immediately after its launch towards the