The U.S. Office of the Comptroller of the Currency (OCC) has officially terminated a 2022 consent order against crypto-focused bank and custodian Anchorage Digital.
After more than three years, the OCC announced Thursday that the order was no longer necessary, stating that “the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order.”
Nathan McCauley, co-founder and CEO of Anchorage, described the move as a major milestone for both the company and the broader crypto sector.
“With the consent order lifted, we’ve shown that crypto and federal oversight can coexist,” McCauley said, adding that the development establishes “the standard for federally-chartered custody of digital assets.”
What prompted the OCC to take action against Anchorage Digital?
The OCC issued the consent order against Anchorage Digital in April 2022, citing the company’s “failure to adopt and implement a compliance program” that met the standards of the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) regulations.
At the time, Acting Comptroller Michael Hsu emphasized that all nationally chartered banks—whether engaged in traditional banking or emerging sectors—are required to maintain the same level of regulatory compliance. “When institutions fall short,” Hsu said, “we will take action and hold them accountable.”
Although Anchorage did not formally admit or deny the OCC’s findings, the company acknowledged that it had been “working to strengthen the areas identified” and pledged to “reinforce a new, digital asset standard for internal BSA/AML controls and procedures.”
The order marked a significant test for Anchorage, which had only recently made history in 2021 as the first crypto-native company to receive a national bank charter from the OCC.
Reflecting on the journey since obtaining the charter, CEO Nathan McCauley said, “We knew what we were signing up for. The seeming impossibility of our federal charter mission lit a fire under us from the start.”
The OCC and other regulators have taken a more lenient approach
Historically, the OCC has approached digital assets with caution. However, under previous crypto-friendly leadership and during the Trump administration, the agency adopted a more accommodating stance. Today, under Acting Comptroller Rodney Hood, the OCC has publicly described cryptocurrency as a “transformation” rather than a passing trend.
Hood has confirmed that federally chartered banks can “engage in certain cryptocurrency activities responsibly,” including buying, selling, and offering third-party custody services, provided they maintain proper oversight and risk management.
At the same time, the Federal Reserve has removed the requirement for state-chartered banks to obtain prior approval before participating in crypto-related activities, and the FDIC has clarified that banks can operate in the digital asset space without seeking upfront consent.
Even the SEC has relaxed its oversight, eliminating a previous mandate that required banks to list custodied crypto assets as liabilities.
