Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight

Crypto once sought to replace banks. Now, in the fight over stablecoins, it’s forced to play by the same rules and get the same licenses.

Crypto firms are no longer just challenging the traditional financial system they are increasingly becoming part of it.

Companies like Circle and BitGo are reportedly pursuing banking charters and preparing for a wave of incoming stablecoin legislation that could further blur the lines between crypto firms and traditional banks.

In the US, two major bills the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act and the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aim to introduce new rules on stablecoin issuers, covering everything from reserve requirements to licensing and compliance obligations.

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