Ripple, Coinbase push for banking access amid rising tensions

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Yaroslav Dmytrenko

15.11.2025

Ripple, Coinbase push for banking access amid rising tensions — Stablecoin battle intensifies as crypto companies pursue licenses

Crypto and fintech companies are filing applications en masse to obtain trust licenses in order to enter the U.S. banking system.Regulators appointed by the Trump administration are signaling openness toward new digital financial technologies, creating tension between traditional banks and a growing group of crypto-focused applicants attempting to enter a sector that has long been closed to them.

Ripple CEO Brad Garlinghouse, who last year claimed that banks were shutting his industry out, is now asking the administration to approve the creation of a bank as part of a broader push by crypto companies and retailers to gain the legal status required for full-scale financial operations.

Coinbase and Wise are doing the same, while Amazon and Walmart are exploring ways to expand services that resemble those offered by traditional banks.

Comptroller of the Currency Jonathan Gould stated at a Treasury-focused conference last month that he wants cryptocurrency activity “conducted within the banking system” when permitted by law and when regulators can ensure safe conditions.

Among the companies that have already submitted applications for banking licenses to offer crypto services directly are Ripple, Coinbase, Wise, and Sony Bank, informed Cryptopolitan.

Walmart and Amazon are also exploring the use of stablecoins and the possibility of providing a full spectrum of financial services without relying on traditional banks.

Competition for customers and stablecoins

Applications from crypto companies are primarily requests for national trust charters, which differ from full banking charters.Trust companies cannot accept deposits or issue loans, but they aim to offer fiduciary services and issue stablecoins that maintain a fixed value, serving clients who require a regulated partner for crypto transactions.

The competition around stablecoins stems from growing concerns among banks that retailers could build their own payment systems if stablecoins become widely adopted.

U.S. banking groups are pushing back, warning that these companies want access without proper oversight and arguing that allowing them to establish any form of banking structure without equivalent supervision would create unfair competition and potential financial risks.

The Bank Policy Institute (BPI) recently sent letters to the Office of the Comptroller of the Currency urging the rejection of applications from Ripple, Wise, and Sony Bank. The Independent Community Bankers of America has also opposed them.

These groups argue that regulators have good reason to restrict who is permitted to establish a bank, a practice reinforced after the 2008–2009 financial crisis.

BPI also warned the administration that approving Coinbase’s application “could significantly increase risks to the U.S. financial system.” In response, Coinbase’s chief policy officer Faryar Shirzad argued that the group is merely trying to protect the interests of traditional banks.

As we wrote, U.S. lawmakers tackle crypto debanking issue amid growing concerns in Washington

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