Core Viewpoint - Revolut is shifting its strategy from acquiring an American bank to pursuing an independent banking license to expand in the US market, influenced by a more favorable regulatory environment for fintech and crypto firms [1][2][3]. Group 1: Strategic Shift - The UK-based fintech, valued at approximately $75 billion, had initially focused on acquiring a nationally chartered US bank to expedite its operations in the US [3]. - The decision to abandon the acquisition is based on the belief that obtaining a banking license directly may now be a faster process due to the current regulatory climate under the Trump administration [4][5]. - Revolut acknowledges the importance of the US market for its long-term growth strategy and is still considering its options, indicating that plans may evolve [5]. Group 2: Regulatory Environment - The regulatory landscape in Washington has softened, making it more conducive for fintech and crypto companies to pursue national charters [2][7]. - The Office of the Comptroller of the Currency (OCC) has seen a significant increase in bank and trust license applications, with 13 new applications in 2025 alone, matching the total from the previous four years [7]. - Recent approvals by the OCC for crypto-based companies to become national trust banks highlight the growing acceptance of fintech firms within the regulatory framework [8]. Group 3: Operational Implications - A US banking license would enhance Revolut's access to dollar clearing, custody, and compliance infrastructure, which is crucial for its stablecoin and crypto offerings [9]. - The traditional de novo license application process is now viewed as more predictable, aligning with Revolut's digital-first business model [6].