The U.S. Office of the Comptroller of the Currency (OCC) has concluded a 2022 consent order against crypto-native custodian and bank Anchorage Digital.
Summary
- US OCC lifts 2022 consent order against Anchorage Digital.
- Anchorage CEO Nathan McCauley highlighted the decision as a significant achievement for the industry.
- U.S. regulators, such as OCC, Fed, and FDIC, have relaxed restrictions on banks that offer crypto services.
After more than three years, the OCC announced on Thursday that it had rescinded the order because “the safety and soundness of the bank and its compliance with laws and regulations no longer necessitate the order’s continued existence.”
Anchorage co-founder and CEO Nathan McCauley stated that the development is a key moment for both the company and the broader crypto industry.
“With our consent order removed, we’ve established once and for all that crypto and federal oversight can coexist,” he remarked, asserting that this outcome sets “the precedent for federally-chartered custody of digital assets.”
The consent order against Anchorage was initiated in April 2022, citing the bank’s “failure to implement a compliance program” that aligned with Bank Secrecy Act and Anti-Money Laundering regulations.
At that time, Acting Comptroller Michael Hsu emphasized that nationally chartered banks—regardless of whether they engage in conventional or innovative activities—must maintain an equal standard of regulatory compliance.
“When institutions fail to meet these standards,” Hsu remarked, “we will take action and hold them accountable.”
Although Anchorage did not admit or deny the OCC’s findings initially, it recognized that it had been “actively working to enhance the highlighted areas” and committed to “establishing a new digital asset standard for internal BSA/AML controls and procedures.”
This represented a significant challenge for a firm that had recently achieved a milestone by becoming the first crypto-native entity to receive a national bank charter from the OCC in 2021.
“We understood what we were committing to,” McCauley reflected this week on the company’s journey since obtaining its charter. “The seemingly insurmountable nature of our federal charter mission fueled our determination from the outset.”
OCC and other regulators have moderated their approach
Traditionally, the OCC has been cautious about digital assets. However, under the Trump administration and crypto-friendly management, the agency adopted a more lenient position. The current leadership, including Acting Comptroller Rodney Hood, has characterized crypto as a “transformation” rather than a fleeting trend.
Hood has confirmed that federally chartered banks could “engage in specific cryptocurrency activities responsibly,” such as buying, selling, and providing third-party custody services, provided they maintain proper oversight and risk management.
Meanwhile, the Federal Reserve has abolished the requirement for state banks to seek prior approval before participating in crypto-related endeavors, and the FDIC clarified that banks could take part in the digital asset sector without needing upfront agency consent.
Even the SEC has relaxed its regulations, removing an earlier requirement that mandated banks to classify custodied crypto assets as liabilities.
