Anchorage Digital, a pioneering force in the crypto banking sector, has successfully shed a regulatory burden that had been looming over its operations since 2022. The Office of the Comptroller of the Currency (OCC) announced this week that it has lifted the enforcement order requiring Anchorage to bolster its compliance programs aimed at combating money laundering. The order’s termination marks a significant milestone for the company as it continues to navigate the evolving regulatory landscape.
Anchorage’s Compliance Journey
Anchorage Digital found itself under the regulatory microscope three years ago when the OCC, concerned about potential money-laundering vulnerabilities, issued a cease-and-desist order. This action compelled the firm to implement a robust compliance program. According to the OCC, the removal of this order reflects the agency’s confidence in Anchorage’s adherence to legal and regulatory standards. “The safety and soundness of the bank and its compliance with laws and regulations do not require the continued existence of the order,” the OCC stated in its announcement last Thursday.
Nathan McCauley, CEO of Anchorage Digital and a prominent advocate for crypto interests in Washington, discussed the regulatory feedback his company received. “We received—and have now resolved—feedback from regulators as we set the standard for federally chartered custody of digital assets,” McCauley explained in a statement on the company’s website. He proudly referred to Anchorage Digital as “the world’s most regulated digital asset bank.”
Regulatory Shifts and Industry Impacts
The move by the OCC is notable against the backdrop of shifting regulatory attitudes toward the crypto industry. Under President Donald Trump’s second administration, there was a push to relax constraints on crypto businesses, a sentiment that seems to be resurfacing with the recent appointment of Jonathan Gould as the new head of the OCC. Gould, an agency veteran with experience as chief legal officer for Bitfury, brings a nuanced understanding of both regulatory frameworks and industry needs. This is reminiscent of recent actions in other regions, such as Hong Kong’s SFC Orders Tighter Crypto Custody Standards Following Global Breaches, highlighting a global trend towards stringent regulatory oversight.
Anchorage Digital made history as the first crypto bank to secure a national banking charter, a status that was hard-won amid a climate of regulatory skepticism during President Joe Biden’s administration. The lifting of the enforcement order could signal a more favorable environment for crypto entities seeking similar charters. Indeed, other digital asset issuers such as Circle, Ripple, and Paxos are reportedly re-engaging with the OCC to initiate their own charter processes. The global regulatory environment remains dynamic, as seen in South Korea Halts Crypto Lending as Market Leverage Sparks Regulatory Concern, which underscores the varied approaches to crypto regulation worldwide.
A New Chapter for Crypto Banking?
While the removal of the order is a positive development for Anchorage Digital, it raises broader questions about the future of crypto banking regulation in the United States. Will this move encourage more crypto companies to seek banking charters? Or will the regulatory landscape shift again, as it so often does in this volatile industry?
As the crypto market continues to evolve, stakeholders will be closely watching how regulatory agencies like the OCC balance innovation with the need to protect against financial crimes. The implications of these decisions are vast, affecting everything from market confidence to the pace of technological advancements in financial services.
For Anchorage Digital, the termination of the enforcement order not only validates its compliance efforts but also potentially paves the way for greater expansion and innovation. As McCauley and his team forge ahead, the broader crypto community will be keenly observing how Anchorage leverages its newfound regulatory freedom.
The path ahead seems promising, yet fraught with uncertainty. As this chapter closes, the next one unfolds with the promise of both opportunities and challenges—an apt metaphor for the crypto industry itself.
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This article is based on: U.S. Banking Regulator OCC Lifts Enforcement Order From Anchorage Digital
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Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
