The US Office of the Comptroller of the Currency (OCC) announced the termination of a consent order previously issued against cryptocurrency custody bank Anchorage Digital in 2022.
In a notice released on Thursday, the OCC stated that the order was lifted “to assure the safety and soundness” of Anchorage. The April 2022 order stemmed from Anchorage’s “failure to establish and implement a compliance program” aligned with Anti-Money Laundering (AML) standards. Nonetheless, the OCC indicated that the bank’s “compliance with laws and regulations does not necessitate the ongoing existence of the order.”
“[W]e received—and have now addressed—feedback from regulators as we set the standard for federally-chartered custody of digital assets,” noted Anchorage co-founder and CEO Nathan McCauley in a blog post on Thursday, adding:
“With our consent order lifted, we’ve definitively demonstrated that crypto and federal oversight can coexist harmoniously and can be even stronger together.” Thursday order terminating consent order against Anchorage Digital. Source: OCC
Anchorage was the first US-based cryptocurrency company to secure a national bank charter from the OCC, granted in January 2021 during former US President Joe Biden’s administration. Jonathan Gould, the former chief legal officer of Bitfury, was confirmed by the US Senate in July under President Donald Trump to lead the regulator.
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The removal of the consent order reflects the US government’s easing stance on crypto enforcement and regulation since the Trump administration.
In August, the Federal Reserve announced it would discontinue a program specifically aimed at monitoring banks’ digital asset activities. In July, the OCC, Federal Reserve, and Federal Deposit Insurance Corporation issued a joint statement outlining the risks associated with banks holding digital assets for clients.
Other cryptocurrency companies, such as Paxos, Ripple Labs, and Circle, have sought national trust bank charters from the OCC. The GENIUS Act, a bill regulating payment stablecoins signed into law in July, will provide a pathway to licensing for crypto companies via the OCC and qualifying state regulators.
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