The U.S. Office of the Comptroller of the Currency (OCC) has ended a 2022 consent order against Anchorage Digital, which is significant for both the company and the crypto industry.
End of the Consent Order
OCC announced the conclusion of the consent order on Thursday, 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." Anchorage CEO Nathan McCauley remarked that this development is a milestone for both the company and the broader crypto industry.
Reasons for OCC's Intervention
The consent order against Anchorage was issued in April 2022 due to the firm's "failure to adopt and implement a compliance program" that met the expectations of the Bank Secrecy Act and Anti-Money Laundering standards. At the time, Acting Comptroller Michael Hsu emphasized that all nationally chartered banks must uphold the same level of regulatory compliance.
Regulatory Shift
Historically, the OCC has been cautious about digital assets, but under the Trump administration, the agency softened its stance. Current leadership, including Acting Comptroller Rodney Hood, has referred to crypto as a "transformation" rather than a passing trend. Additionally, the Federal Reserve and FDIC have eased restrictions on banks engaging in cryptocurrency activities.
The OCC's decision to lift the consent order against Anchorage Digital underscores the changing regulatory landscape for crypto assets and opens new opportunities for companies in this space.
