OCC Rescinds 2022 Consent Order Against Anchorage Digital

The Office of the Comptroller of the Currency (OCC) has rescinded its 2022 consent order against Anchorage Digital, following a review that found the firm had sufficiently addressed its anti-money laundering (AML) compliance concerns. The order, initially imposed in April 2022, was triggered by shortcomings in Anchorage’s AML program. The regulator stated that the bank’s “compliance with laws and regulations does not require the continued existence of the order,” marking a regulatory milestone for crypto custody operations [1]. The decision restores full federal oversight for Anchorage’s nationally chartered crypto custody services, removing a prior supervisory restriction and signaling evolving federal approaches toward digital asset banking [1].

Anchorage implemented enhanced compliance policies, improved transaction monitoring, and strengthened governance controls to meet regulatory expectations. The bank also engaged with federal and state regulators, providing documentation that demonstrated its remedial actions. These steps convinced the OCC that the 2022 consent order was no longer necessary to ensure the safety and soundness of the institution [1]. According to Anchorage co-founder and CEO Nathan McCauley, the removal of the order shows that crypto custody and federal oversight can work together effectively [1].

The rescission does not indicate reduced regulatory scrutiny but rather reflects that Anchorage has met the regulator’s conditions for oversight. The bank now operates under standard supervisory frameworks applicable to nationally chartered banks, with continued compliance reporting and regulatory exams in place [1]. The move highlights that crypto custody can function under robust federal supervision and may serve as a precedent for other firms seeking national charters in the sector. It also supports broader efforts by the OCC, Federal Reserve, and FDIC to issue clearer guidance on digital asset activities, reflecting a coordinated evolution in policy rather than unilateral deregulation [1].

The regulatory shift aligns with ongoing industry developments, as other firms such as Paxos, Ripple Labs, and Circle have also pursued national trust or bank charters. Meanwhile, legislative proposals like the GENIUS Act aim to create clearer licensing pathways for stablecoins, placing oversight under federal and qualifying state regulators [1]. The industry can expect further rulemaking and supervisory engagement as digital asset custody and stablecoin services continue to develop.

For stakeholders, the removal of the consent order underscores the importance of continued diligence and transparency in compliance. Clients and counterparties should confirm custody controls and regulatory status through standard due diligence processes, including reviewing public supervisory announcements and regulatory filings [1]. The event strengthens the case for regulated crypto custody and demonstrates that federal oversight and digital asset innovation can coexist under appropriate frameworks.

Source: [1] OCC Drops Consent Order Against Anchorage, May Signal Softer Crypto Oversight and Implications for Bitcoin (https://en.coinotag.com/occ-drops-consent-order-against-anchorage-may-signal-softer-crypto-oversight-and-implications-for-bitcoin/)