- OCC ends consent order; Anchorage revamps leadership, boosts compliance.
- Compliance meets federal expectations.
- No negative asset impact; potential institutional growth.
The Office of the Comptroller of the Currency terminated its 2022 consent order against Anchorage Digital, the first federally chartered crypto bank, after confirming addressed compliance shortcomings.
Anchorage Digital’s successful resolution strengthens U.S.-regulated crypto custody, encouraging wider institutional adoption and reinforcing federal oversight’s compatibility with digital asset banking.
The Office of the Comptroller of the Currency (OCC) concluded its consent order against Anchorage Digital, confirming the bank addressed compliance issues. Significant leadership and operational changes were instrumental in meeting federal expectations.
Anchorage Digital, led by Nathan McCauley, implemented anti-money laundering (AML) improvements. The institution embraced leadership restructuring and invested “tens of millions of dollars” in compliance enhancements. The changes culminated in meeting stringent regulatory standards.
The lifting of the order allows Anchorage to strengthen industry trust and pushes for broader crypto adoption among institutional entities. Anchorage focuses on BTC, ETH, and other digital assets under its custody model.
No immediate adverse impacts on assets have been observed. Anchorage’s digital asset custody spans major institutional clients, positioning the firm for potential increased adoption and regulatory engagement in the U.S.
The conclusion of the OCC’s order on Anchorage is expected to influence greater regulatory clarity in the crypto banking sector. The successful resolution may inspire other crypto entities to enhance compliance, fostering healthier industry growth.
Anchorage’s compliance investments and steadfast commitment to regulatory norms highlight a positive trend for future U.S.-based crypto operations. This historical resolution sets an important precedent in merging cryptocurrency functionality with federal oversight. “The lifting of the consent order proves that crypto and federal oversight are not mutually exclusive—and can in fact be stronger working in tandem.” – Nathan McCauley, Anchorage
