tl;dr
The Office of the Comptroller of Currency (OCC) has terminated its 2022 cease and desist order against Anchorage Digital, the first federally chartered digital asset bank, after the bank met Bank Secrecy Act and AML compliance standards. Anchorage CEO Nathan McCauley highlighted the bank's role in e...
The Office of the Comptroller of Currency (OCC) announced the termination of its cease and desist consent order against Anchorage Digital, a federally chartered digital asset bank. Originally issued in 2022, the consent order addressed Anchorage’s failure to implement satisfactory compliance programs related to the Bank Secrecy Act and anti-money laundering (AML) requirements. The OCC stated that the continued existence of the order was no longer necessary for the bank’s safety, soundness, and regulatory compliance.
Anchorage Digital, which obtained conditional OCC approval in 2021 as the first federally chartered bank to custody digital assets, has now met compliance expectations, leading to the order's termination. CEO Nathan McCauley reflected on the pioneering journey, emphasizing the challenge and importance of building trust, safety, and durability in the rapidly evolving crypto industry despite initial skepticism among regulators and the market.
Based in South Dakota, Anchorage specializes in crypto custody, staking, trading, and governance. The firm recently gained notable recognition when asset manager BlackRock selected Anchorage to custody Bitcoin and Ethereum holdings used in its industry-leading spot ETFs.
In related developments, stablecoin issuer Paxos has filed an application with the OCC for a national trust charter, seeking to upgrade its existing New York Department of Financial Services (NYDFS) charter. Such approval would broaden Paxos’s ability to operate nationwide. This follows similar moves by stablecoin firm Circle and Ripple, which have also applied for national banking charters under the OCC’s regulatory framework.
Since May, the OCC has affirmed that national banks it regulates can buy, sell, and manage all crypto assets held in custody, signaling a growing regulatory acceptance and integration of cryptocurrency within traditional finance structures.