Regulators Greenlight a New Era for Digital Asset Banking

The Office of the Comptroller of the Currency (OCC) has terminated its 2022 consent order against Anchorage Digital, a leading digital asset bank, citing the institution’s successful remediation of anti-money laundering (AML) deficiencies. This decision marks a pivotal moment in the evolving regulatory landscape for crypto banking in the United States and reflects broader policy shifts under the Trump administration toward fostering innovation in the digital asset sector.

Anchorage Digital, which holds the first national trust charter from the OCC, has implemented significant changes to its compliance infrastructure in response to the 2022 order. The bank restructured leadership, expanded its compliance team, and automated key processes to strengthen its AML controls and internal governance. CEO Nathan McCauley described the termination of the order as a validation of Anchorage Digital’s commitment to regulatory compliance and emphasized the bank’s role as a model for federally regulated crypto institutions. “We have built what has become the world's most regulated digital asset bank,” McCauley stated.

The OCC’s decision aligns with recent regulatory actions that have sought to ease constraints on digital asset activities. In early 2025, the agency issued Interpretive Letter 1183, which rescinded previous restrictions on crypto custody and stablecoin activities for national banks. This was followed by similar actions from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve, which withdrew prior guidance requiring advance notifications for certain crypto-related activities. These moves signal a more accommodative stance from U.S. banking regulators, aiming to position the country as a global leader in digital finance.

The regulatory shift has spurred renewed interest in digital asset banking. Following Anchorage Digital’s lead, companies such as Paxos, Ripple, and Circle have submitted applications for national trust charters. This has, however, raised concerns from traditional banking institutions, who fear that stablecoins and tokenized deposits could siphon deposits from community banks, potentially undermining local lending and profitability. The American Bankers Association has urged the OCC to pause the chartering process for crypto firms until a broader review of risks and benefits is conducted.

Despite these concerns, the White House Working Group on Digital Assets has endorsed a policy of regulatory neutrality and innovation. The group’s report, released in July 2025, called for clearer guidelines on digital asset-related activities, including custody, trading, and stablecoin operations. It also emphasized the importance of ensuring that state banks are not disadvantaged in engaging with emerging technologies. The report recommended that federal agencies provide more detailed guidance on AML and cybersecurity best practices, as well as clarify the permissibility of third-party service providers in digital asset activities.

The termination of the consent order against Anchorage Digital underscores a broader regulatory transition in favor of integrating digital assets into the U.S. financial system. As banks and financial institutions navigate this evolving landscape, the focus remains on balancing innovation with risk management to ensure stability and compliance within the sector.

Source:

[1] U.S. Banking Regulator OCC Lifts Enforcement Order From Anchorage Digital (https://www.coindesk.com/policy/2025/08/21/u-s-banking-regulator-occ-lifts-enforcement-order-from-anchorage-digital)

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

[3] Arnold & Porter Discusses Banking Issues in President’s Working Group Report on Digital Assets (https://clsbluesky.law.columbia.edu/2025/08/20/arnold-porter-discusses-banking-issues-in-presidents-working-group-report-on-digital-assets)

[4] The GENIUS Act Passed. Now What? (https://www.pcbb.com/bid/2025-08-20-the-genius-act-passed-now-what)

[5] OCC lifts consent order against Anchorage Digital ... (https://cryptobriefing.com/newsbriefs/?id=176864&title=occ-lifts-consent-order-against-anchorage-digital-signaling-regulatory-shift)