Rain becomes 12th crypto firm seeking direct banking charter from U.S. regulators
Rain, a cryptocurrency company, is applying for a national trust bank charter directly from U.S. banking regulators. This would allow Rain to act as a bank itself instead of relying on traditional banks to hold customer deposits. Currently, most crypto companies need to partner with regular banks because those banks remain nervous about crypto's regulatory status. A trust bank charter would give Rain more independence and stability for customers. However, traditional community banks are pushing back against this trend, arguing it could disadvantage smaller financial institutions. Rain is the 12th crypto company pursuing this regulatory path, showing a coordinated industry push for legitimacy. The charter application process could take months or years to complete.
Pourquoi c'est important
If crypto companies can become actual banks, it makes crypto safer and more mainstream. You would have FDIC insurance (government protection) on your deposits. However, this is still being debated by regulators, so it's not guaranteed that companies like Rain will succeed. Understanding this regulatory battle helps explain why crypto infrastructure is changing.
