The U.S. Office of the Comptroller of the Currency (OCC) has officially lifted its 2022 consent order against Anchorage Digital, the first federally chartered crypto bank in the United States.
The decision, announced Thursday, comes after more than three years of scrutiny. The OCC explained that “the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order.” In other words, Anchorage has met the standards regulators expected, and the restrictions are no longer necessary.
For Anchorage, this is a defining moment. Co-founder and CEO Nathan McCauley called the move a major milestone not just for the company but for the broader crypto industry.
“With our consent order lifted, we’ve proven definitively that crypto and federal oversight are not mutually exclusive,” McCauley said. “This outcome sets the standard for federally chartered custody of digital assets.”
Why Anchorage Was Under Scrutiny
Back in April 2022, the OCC issued a consent order against Anchorage Digital, pointing to weaknesses in the bank’s compliance program particularly around Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) obligations.
At the time, Acting Comptroller Michael Hsu made it clear that all national banks whether traditional or crypto-focused must hold themselves to the same regulatory standards. “When institutions fall short, we will take action and hold them accountable,” he said.
Anchorage did not contest the OCC’s findings, but it also didn’t admit fault. Instead, the company committed to improving its compliance systems and strengthening internal controls. McCauley later reflected that securing a federal charter in 2021 meant Anchorage was signing up for higher levels of scrutiny from the start. “The seeming impossibility of our federal charter mission lit a fire under us from the start,” he said.
A Shift in Regulatory Attitudes
The lifting of the order also reflects a broader change in how U.S. regulators are approaching crypto. While the OCC has traditionally been cautious, recent leadership has adopted a more open tone. Acting Comptroller Rodney Hood has referred to crypto as a “transformation” rather than a passing fad, emphasizing that federally chartered banks can responsibly engage in digital asset activities with proper oversight.
Other regulators have also loosened their stance:
- The Federal Reserve no longer requires state banks to seek prior approval for crypto activities.
- The FDIC has clarified that banks can participate in digital assets without upfront consent.
- The SEC has eased reporting rules, removing the requirement for banks to list custodied crypto as liabilities.
This changing landscape, combined with Anchorage’s persistence in meeting compliance standards, underscores how traditional banking and crypto are beginning to converge under federal oversight.
What It Means Going Forward
Anchorage Digital’s journey hasn’t been without challenges, but this moment marks an important validation. The company has not only met federal standards but has also positioned itself as a trusted custodian in the evolving digital asset ecosystem.
With major partnerships already in place like serving as custodian for BlackRock’s Bitcoin ETF Anchorage now stands as proof that crypto firms can operate under the same regulatory umbrella as traditional banks, without compromising on innovation.
For the industry, it’s a strong signal: crypto and federal regulation can, in fact, coexist.
