Popular cryptocurrency exchange Coinbase announced last week that it is seeking the approval of the US Securities and Exchange Commission to become a regulated exchange offering blockchain securities. While Coinbase made a sweeping buyout of three companies gearing it towards this goal, Goldman Sachs backed Circle also revealed the same plan. And while the step was and is inevitable for cryptocurrency operations post SEC warnings and guidlines issued earlier this year, the two exchanges are now seemingly in the same path with similar planned offerings.

While Bitcoin's popularity and new money coming into the industry has greatly diminished from December-17 highs, cryptocurrency exchanges are now eyeing new expansion models to compliment their existing, and profitable exchange businesses.

Coinbase and Circle are both making moves with the US Securities and Exchange Commission (SEC) in order to become approved by the watchdog to trade tokens that are deemed to be securities - which would be most cryptocurrencies at least according to SEC chair Jay Clayton.

But that's only the start of a very close path the two exchanges are taking. Circle is also, much like Coinbase, seeking a federal banking license (Diar, 28 May). This would assist the cryptocurrency operation in being able to offer fiat trading pairs on its professional trading platform Poloniex.

Coinbase said "If approved, these licenses will set Coinbase on a path to offer future services that include crypto securities trading, margin and over-the-counter (OTC) trading, and new market data products." Circle currently operates a cryptocurrency OTC arm raking in over $2Bn in monthly volume. And offers margin trading.