Golden Finance reported that according to Reuters, Cryptonews quoted Reuters, several financial technology and cryptocurrency companies are applying for state or national banking licenses, hoping to obtain faster approval under the pro-crypto-Trump administration. Obtaining a bank license will report that it will allow crypto companies to provide a wider range of financial services, enhance legitimacy in the eyes of customers, and reduce borrowing costs by absorbing deposits. Carleton Goss, a partner at Hunton Andrews Kurth, said it will also help businesses reduce capital costs, but also require stricter regulatory scrutiny.