Financial technology firms and crypto companies are seeking to become state or national banks in a bid to expand their business under the Trump administration that they view as more industry-friendly, according to more than half a dozen industry executives.

Firms that had been seeking to expand and gain credibility with customers see an opportunity under U.S. President Donald Trump to get licenses that regulators were previously slow or reluctant to approve, Reuters reports.

Discussions and preparations for bank charters have increased significantly, according to two other sources who are working on potential applications. It has yet to be seen how many firms will follow through, they said.

While an institution needs to deal with more regulatory checks if it becomes a bank, its cost of capital and doing business can go down in certain instances. A license can also give more legitimacy to the business in the eyes of customers and allow it to increase business and market opportunities.

The partner of Fintech section is