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The Great Crypto Re-Banking Has Begun
For years, crypto firms complained about being “debanked” in the US. Under the Trump administration, a group of fintechs is rolling out the red carpet.
Without a banking partner, crypto firms are hamstrung: They cannot readily accept dollars in exchange for services, store and earn interest on funds raised from investors, nor pay employees or vendors. Subsequently, in March, Republican members of the Senate presented the FIRM Act, aiming to curb alleged discrimination by preventing banks from factoring in “reputational risk” when fielding account applications. These fintechs tend to market themselves as crypto-forward—providing integrated services like stablecoin transfers —and far less stuffy than their traditional counterparts; Meow’s roughly 30-year-old CEO, Brandon Arvanaghi, runs his LinkedIn profile a bit like a TikTok account, complete with video skits.
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