Anchorage Digital: OCC Drops 2022 AML Order

US OCC Terminates 2022 Order Targeting Anchorage Digital Over AML

The US Office of the Comptroller of the Currency (OCC) has rescinded a 2022 consent order previously issued to Anchorage Digital, a cryptocurrency custody bank.

In a notice released Thursday, the OCC stated that it was terminating the order “to assure the safety and soundness” of Anchorage. The original order, issued in April 2022, stemmed from Anchorage’s “failure to adopt and implement a compliance program” meeting Anti-Money Laundering (AML) standards. The OCC now affirms that Anchorage's compliance negates the need for the order's continuation.

According to Anchorage co-founder and CEO Nathan McCauley, the resolution reflects a productive dialogue with regulators. In a blog post, McCauley stated:

“With our consent order lifted, we’ve proven definitively that crypto and federal oversight are not mutually exclusive—and can in fact be stronger working in tandem.”

Anchorage achieved a milestone in January 2021 by becoming the first US-based crypto firm to secure a national bank charter from the OCC.

Implications for Crypto Regulation

The OCC's decision to drop the consent order coincides with signs of a potentially shifting regulatory landscape under the current administration.

• The Federal Reserve announced in August it would sunset a program monitoring banks' digital asset activities.
• In July, the OCC, Federal Reserve, and FDIC jointly issued a statement clarifying the risks for banks holding digital assets.

Other crypto companies, including Paxos, Ripple Labs, and Circle, have previously sought national trust bank charters from the OCC. The GENIUS Act, recently signed into law, establishes licensing pathways for stablecoin issuers through the OCC and state regulators.