- US OCC lifts consent order on Anchorage Digital, allowing it to remain a digital asset bank.
- US regulators under the Trump administration are shifting to crypto-friendly policies.
- Paxos, Ripple, and Circle applied for national trust charters, and the Fed ends crypto banking oversight.
The Office of the Comptroller of the Currency of the United States (OCC) has officially terminated the consent order against digital asset bank Anchorage Digital.
According to the OCC’s notice, the digital asset bank responded to the issues that were highlighted in the order, such as anti-money laundering (AML) and Know Your Customer (KYC) policies, in 2022.
Anchorage Digital’s Full-Scale Digital Asset Bank Status Achieved
Anchorage Digital is now fully compliant with U.S. regulations and the first federally chartered digital asset bank under the OCC’s oversight.
The CEO, Nathan McCauley, said that the bank has invested heavily in its compliance infrastructure as part of the solution to the issues. He referred to Anchorage Digital as “the world’s most regulated digital asset bank.” The bank also made changes in its management, expanded its compliance staff, and automated risk management processes to comply with the OCC.
Having been granted a national bank charter, Anchorage Digital will be allowed to operate as a full-scale digital asset bank. “Federal banking regulator in the United States granted us a national bank charter to serve as a full-scale digital asset bank, providing custody, trading, settlement, governance, and other regulated services for institutions,” McCauley said in the announcement.
This also follows recent interest in crypto banking, with companies such as Paxos, Ripple, and Circle applying for national trust charters like Anchorage’s.
McCauley acknowledged this competition, saying that more banks’ access to the space would enhance the industry.
Also Read | Ripple Moves Closer to Banking Status with New Trust Charter Bid
OCC and Federal Reserve Approach on Crypto Banking Oversight
In addition, the rising interest in federal charters highlights the increasing regulatory clarity of digital assets. The U.S. regulatory approach to crypto services under the Trump administration has also adopted more crypto-friendly policies.
In April 2025, the Federal Reserve removed its guidance that discouraged banks from conducting crypto-related businesses, and on August 15, the agency discontinued its novel activities supervision program monitoring banks’ involvement in cryptocurrency and fintech services.
Moreover, the program was introduced to monitor how banks engage in fintech activities and cryptocurrency. The Fed added that it would replace it with traditional regulatory practices. The Fed said the decision to sunset the program was due to its increased understanding of the risks associated with digital assets and how banks would manage risks.
Furthermore, the Treasury Department estimated that the volume of stablecoins may exceed $6 trillion. However, this trend has raised concerns among traditional banks. In July, the American Bankers Association urged the OCC to delay its decision on the crypto firms’ charter approvals, citing transparency and regulatory issues.
In addition, regulatory policies continue to play a key role as cryptocurrency becomes more integrated into mainstream banking. Jonathan V. Gould, the Comptroller of the Currency, will speak at the CoinDesk Policy and Regulation Conference on September 10.
Gould will provide insights on the OCC’s position on crypto and its regulatory outlook on digital assets as crypto becomes integrated into the broader financial system.
Also Read | US Federal Reserve Ends Novel Activities Program for Banks’ Crypto Services
