Regulators Give Crypto Bank a Clean Bill of Compliance, Signaling a New Era of Trust

The Office of the Comptroller of the Currency (OCC) has terminated its consent order against Anchorage Digital, the first and only federally chartered crypto bank in the United States. The decision, announced on August 21, 2025, follows a year of regulatory evolution under the Trump administration, which has seen federal agencies adopt a more accommodating stance toward the crypto industry [1]. The consent order had been imposed in 2022 under the Biden administration due to concerns over Anchorage’s anti-money laundering (AML) and know your customer (KYC) practices [2]. The OCC now stated that the bank has addressed these issues sufficiently, ensuring its safety and compliance with applicable laws do not require continued regulatory intervention [3].

Anchorage Digital, which received its charter in 2020, has undergone significant operational and structural changes to align with federal standards. The company reported that it has strengthened its compliance infrastructure, expanded its compliance team, and invested in automation and talent development. CEO Nathan McCauley emphasized that the resolution of the consent order reflects the company’s commitment to establishing industry-leading crypto compliance standards [2]. McCauley also noted that the past 1,681 days since the bank’s chartering have been marked by a shift in the regulatory landscape and a surge in interest from other crypto firms seeking national trust charters [1].

The termination of the enforcement order aligns with broader regulatory trends. The Federal Reserve has rescinded prior guidance discouraging banks from engaging in crypto activities and has collaborated with the OCC to clarify how existing rules apply to crypto custody. This regulatory clarity has encouraged other crypto firms—such as Paxos, Ripple, Circle, and Wise—to pursue national trust charters [2]. However, the growing number of applications has drawn concerns from traditional banking associations. The American Bankers Association recently urged the OCC to pause its evaluation of these applications until a comprehensive review of the business models’ alignment with the purpose of national trust charters is completed [3].

Industry stakeholders have differing perspectives on the implications of these developments. Fintech advocates argue that the OCC’s trust charter framework fosters competition and innovation in the financial sector, allowing new models to serve customers more effectively. Meanwhile, traditional banks fear that the rise of crypto-based stablecoins could erode their deposit base, potentially affecting their profitability and capacity to support local economies [2]. A Treasury estimate suggests stablecoins could reach over $6 trillion in volume, raising significant concerns about their systemic impact [3].

The broader regulatory context includes legislative developments such as the recently enacted GENIUS Act, which sets out requirements for stablecoin issuance, including full reserve backing and monthly audits. Other pending bills—such as the CLARITY Act and the Anti-CBDC Surveillance State Act—seek to clarify the roles of regulatory agencies and restrict the Federal Reserve from issuing a central bank digital currency without congressional approval [4]. These legislative efforts reflect a growing federal interest in shaping the future of digital assets, while also addressing risks associated with financial stability and consumer protection.

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[1] title1 (https://www.theblock.co/post/367827/us-occ-drops-consent-order-against-anchorage-digital-amid-regulatory-shift?utm_medium=rss&utm_source=rss)

[2] title2 (https://www.americanbanker.com/news/occ-terminates-consent-order-against-anchorage-digital)

[3] title3 (https://www.coindesk.com/policy/2025/08/21/u-s-banking-regulator-occ-lifts-enforcement-order-from-anchorage-digital)

[4] title4 (https://www.britannica.com/money/cryptocurrency-regulation)