According to Cryptonews, a number of fintech and cryptocurrency companies are applying for state or national banking licenses in the hope of obtaining faster approval under the pro-crypto Trump administration. According to reports, obtaining a banking license will enable crypto companies to offer a wider range of financial services, enhance their legitimacy in the eyes of customers, and reduce borrowing costs by taking deposits. Carleton Goss, a partner at law firm Hunton Andrews Kurth, said it would also help companies reduce their cost of capital, but would also be subject to greater regulatory scrutiny.