Anchorage Digital Clears Regulatory Hurdle Resumes Full Operations

Anchorage Digital, the first federally chartered digital asset bank in the United States, has resumed full operations after the Office of the Comptroller of the Currency (OCC) lifted a compliance order imposed in 2022 [1]. The order had raised concerns about the firm’s anti-money laundering (AML) and know-your-customer (KYC) procedures. The OCC cited Anchorage’s adherence to “safety and soundness” standards in its decision, effectively ending years of regulatory scrutiny and allowing the bank to continue offering secure, compliant services to clients [3]. The move is seen as a validation of Anchorage’s efforts to build a regulated framework for digital asset banking [5].

Anchorage CEO Nathan McCauley emphasized that the milestone reflects the company’s long-term commitment to compliance and setting industry standards [2]. “We’ve spent nearly five years building the most regulated digital asset bank in the world,” he stated, highlighting the importance of collaboration between the company and regulators to create a formalized oversight structure [5]. The decision aligns with a broader shift in the U.S. regulatory landscape, where oversight is increasingly focused on enabling legal, compliant activity rather than restricting it [4].

This regulatory shift has been particularly notable under the Trump administration, with the Federal Reserve recently withdrawing earlier guidance that discouraged banks from engaging with cryptocurrencies. The Fed and OCC also issued a joint framework outlining how traditional banks can legally custody digital assets, further legitimizing the sector [1]. Analysts suggest that this evolution in regulatory policy could encourage more traditional institutions to explore digital asset services [5].

The competitive landscape in the crypto banking sector is also intensifying, with firms like Paxos, BitGo, Ripple, and Circle pursuing national trust charters to expand their operations [2]. McCauley acknowledged that competition is a positive force for innovation and growth, noting that no single entity can meet the rising demand for secure crypto banking services alone [5]. With the removal of the compliance order, Anchorage is better positioned to scale its operations and support the accelerating institutional adoption of digital assets [7].

The development underscores a broader trend of regulatory clarity in the digital asset space, which may serve as a catalyst for further innovation and institutional participation [6]. As the U.S. continues to refine its approach to crypto regulation, firms like Anchorage are playing a key role in shaping the legal and operational standards for the industry.