The Office of the Comptroller of the Currency (OCC) has announced that it has issued an order to terminate the consent order against cryptocurrency custodian Anchorage Digital from 2022.
In a notice on Thursday, the OCC stated that it has rescinded the order to "ensure the safety and soundness of Anchorage." The financial regulatory agency's order from April 2022 was based on Anchorage's "failure to adopt and implement a compliance program," which did not meet anti-money laundering (AML) standards. However, the OCC indicated that the bank "no longer needs to maintain the order regarding its compliance with laws and regulations."
Nathan McCauley, co-founder and CEO of Anchorage, stated in a blog post on Thursday: "We have received feedback from regulators and have now addressed these issues while setting standards for federally chartered digital asset custody." He added:
Anchorage is the first U.S. crypto company to receive a national bank charter from the OCC, which was granted in January 2021 during the term of former President Joe Biden. During President Trump's term, the U.S. Senate confirmed Jonathan Gould, former Chief Legal Officer of Bitfury, to lead the regulatory agency in July.
The rescission of the consent order marks a softening of the U.S. government's stance on cryptocurrency enforcement and regulation under the Trump administration.
The Federal Reserve stated in August that it would terminate a program specifically designed to monitor banks' digital asset activities. The OCC, the Federal Reserve, and the Federal Deposit Insurance Corporation also issued a joint statement in July clarifying the risks of banks holding digital assets for customers.
Other crypto companies seeking an OCC national trust bank charter include Paxos, Ripple Labs, and Circle. Under the GENIUS Act, which was signed into law in July—a bill regulating payment stablecoins—the OCC and eligible state regulators will provide licensing pathways for crypto companies.
Related: UK sanctions Kyrgyzstan bank and $9.3 billion crypto fund project linked to Russia
Original article: “OCC Rescinds 2022 Regulatory Order Against Anchorage Digital Over AML Issues”
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