Regulators Signal Trust as Crypto Bank Clears Compliance Hurdle

The Office of the Comptroller of the Currency (OCC) has terminated a 2022 consent order against Anchorage Digital, the first and currently only digital asset company with an OCC trust charter. The order was originally imposed due to concerns over the bank’s anti-money laundering (AML) compliance program. The OCC has now determined that the bank has sufficiently addressed these issues through extensive reforms, including restructuring leadership, expanding compliance infrastructure, and automating key processes [1].

Anchorage Digital CEO Nathan McCauley has emphasized the significance of this development, calling the bank “the world’s most regulated digital asset bank.” He noted that the termination of the enforcement order underscores the viability of crypto trust banks and reflects the progress made by Anchorage since receiving its federal charter in January 2021 [1]. McCauley also pointed to the growing interest from other crypto firms seeking national trust charters, with companies like Paxos, Ripple, Circle, and Wise following in Anchorage’s footsteps [1].

The decision to lift the order is seen as part of a broader regulatory shift in the U.S., particularly under the Trump administration. Jonathan Gould, the recently confirmed Comptroller of the Currency and a former executive at blockchain firm Bitfury, has emphasized the importance of fostering innovation in the crypto sector. During his Senate confirmation hearing, Gould criticized past regulatory approaches for stifling innovation and stressed the need for banks to engage with crypto firms to support economic growth [2]. This regulatory approach has been mirrored by other agencies, including the Federal Reserve, which has moved to sunset a program specifically monitoring banks’ digital asset activities [2].

The termination of the consent order also highlights the evolving landscape for crypto banks and their compliance strategies. Anchorage has invested heavily in scaling its compliance team and strengthening internal controls, which are now cited as key factors in the OCC’s decision [1]. The bank’s success in navigating the regulatory landscape may serve as a model for other crypto firms seeking national charters. However, it has also sparked concerns within the traditional banking industry. The American Bankers Association has urged the OCC to pause the review of trust charter applications, citing fears that stablecoins could siphon trillions in deposits from community banks and weaken their lending capabilities [1].

The regulatory environment for crypto firms remains dynamic, with ongoing debates over the role of federal versus state oversight. The recent passage of the GENIUS Act, which aims to establish a framework for stablecoin regulation, has further complicated the landscape. While crypto industry groups argue that stablecoin reserves support the financial system and promote fair competition, traditional banking advocates warn of the risks of regulatory arbitrage and the potential for large-scale deposit outflows [5].

Anchorage’s compliance breakthrough represents a significant milestone in the integration of digital assets into the traditional financial system. It demonstrates that crypto banks can meet the rigorous compliance standards set by federal regulators and potentially paves the way for broader acceptance of digital asset banking in the U.S. As the regulatory environment continues to evolve, the balance between fostering innovation and ensuring financial stability will remain a central issue for both regulators and industry participants [1].

Source:

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

[2] U.S. Office of the Comptroller of the Currency (https://cointelegraph.com/news/occ-consent-order-anchorage-digital-aml)

[3] Law360 (https://www.law360.com/articles/2379690/occ-ends-action-over-anchorage-digital-s-aml-program)

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

[5] CoinDesk (https://www.coindesk.com/policy/2025/08/20/crypto-lobby-pushes-back-against-bank-effort-to-rewrite-stablecoin-law)