OCC Ends Consent Order Against Anchorage Digital
The U.S. Office of the Comptroller of the Currency (OCC) has officially lifted its 2022 consent order against Anchorage Digital, marking an important moment for the crypto banking sector.
Key Highlights
- OCC drops the 2022 consent order against Anchorage Digital.
- CEO Nathan McCauley calls it a milestone for crypto and federal oversight.
- Regulators, including the OCC, Fed, and FDIC, have eased restrictions on banks offering digital asset services.
OCC Clears Anchorage Digital
On Thursday, the OCC announced the termination of its order, stating that “the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order.”
Anchorage Digital co-founder and CEO Nathan McCauley described the decision as a landmark for both the company and the wider industry.
“With our consent order lifted, we’ve proven that crypto and federal oversight are not mutually exclusive,” McCauley said, adding that the outcome sets “the standard for federally chartered custody of digital assets.”
Why Anchorage Was Targeted in 2022
The OCC’s consent order, issued in April 2022, cited Anchorage’s failure to implement an adequate compliance program under the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) rules.
At the time, Acting Comptroller Michael Hsu emphasized that all national banks — whether operating in traditional or emerging industries — must adhere to the same level of regulatory compliance.
Anchorage did not admit or deny the findings but pledged to strengthen its internal controls and set new standards for digital asset compliance. The order came less than a year after Anchorage became the first crypto-native firm to receive a national bank charter in 2021.
Regulators Soften Stance on Crypto
The OCC has historically taken a cautious approach to crypto, but its position has shifted over the years. Under more crypto-friendly leadership, the agency has described digital assets as a “transformation” rather than a temporary trend.
Acting Comptroller Rodney Hood has confirmed that federally chartered banks may responsibly engage in cryptocurrency activities — such as custody, buying, and selling — provided they maintain strong risk controls.
Other regulators have followed suit:
- The Federal Reserve removed the requirement for state banks to seek prior approval before engaging in crypto services.
- The FDIC clarified that banks can participate in the digital asset sector without pre-approval.
- Even the SEC has relaxed its stance, eliminating the requirement for banks to list custodied crypto as liabilities.
Together, these moves signal a more open regulatory environment for banks exploring digital assets, with Anchorage Digital now positioned as a prime example of how crypto firms can meet federal standards.
