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BitGo and Circle are preparing to operate under bank charters in response to anticipated regulatory changes, as financial regulators like the SEC reassess crypto-related rules to reduce legal uncertainty and attract more institutional participants into the digital asset sector, according to a person familiar with the matter

BitGo and Circle are exploring formal banking licenses as a strategic response to evolving legislation, the Wall Street Journal report suggests, and to position themselves for broader institutional acceptance

Crypto firms, including Circle and BitGo, are reportedly targeting specific banking charters, such as national trust or industrial bank licenses, to enable activities like stablecoin issuance and crypto custody under clearer regulatory oversight

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