The U.S. Office of the Comptroller of the Currency (OCC) has lifted sanctions imposed in 2022 against Anchorage Digital, the first federally licensed crypto bank in the U.S.
History of Sanctions Against Anchorage Digital
Sanctions against Anchorage Digital were implemented during the Biden administration due to concerns about the bank's anti-money laundering (AML) and know-your-customer (KYC) programs. The OCC stated that the removal of the order is linked to ensuring the bank's safety and legal compliance.
Reaction from Anchorage Digital's Management
Anchorage Digital's CEO, Nathan McCauley, commented on the lifting of sanctions by stating: "We embarked on this journey nearly five years ago, building the world's most regulated digital asset bank. Along the way, we've established federal digital asset custody standards by incorporating feedback from regulators."
Change in Regulators' Position on Cryptocurrencies
Recent changes in the stance of regulators towards cryptocurrencies underscore a notable softening in approach observed over the past year. The Fed and the OCC previously issued a joint statement outlining how existing rules affect banks dealing with crypto assets on behalf of customers. McCauley welcomed increased competition in the market, stating: "When it comes to crypto, no bank can do it alone."
The lifting of sanctions against Anchorage Digital signals a more favorable climate for the cryptocurrency industry in the U.S., potentially opening doors for other firms seeking national trust charter licenses.
