Bitcoin ETF

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April

<p>The U.S. Office of the Comptroller of the Currency (OCC) has ended a 2022 consent order against crypto-native custodian and bank Anchorage Digital.</p>
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   <li>US OCC drops 2022 consent order against Anchorage Digital.</li>
   <li>Anchorage CEO Nathan McCauley said the decision was a key milestone for the industry.</li>
   <li>U.S. regulators, including OCC, Fed, and FDIC, have eased restrictions on banks offering crypto services.</li>
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<p>After over three years, the OCC, on Thursday, <a href="https://occ.gov/static/enforcement-actions/eaAA-ENF-2025-44.pdf" target="_blank" rel="noopener noreferrer nofollow">said</a> it had dropped the order because “the safety and soundness of the bank and its compliance with laws and regulations does not require the continued existence of the order.”</p>
<p>Anchorage co-founder and CEO Nathan McCauley said the development was a milestone for both the company and the crypto industry at large.</p>
<p>“With our consent order lifted, we’ve proven definitively that crypto and federal oversight are not mutually exclusive,” he said, adding that this outcome sets “the standard for federally-chartered custody of digital assets.”</p>
<h1 class="wp-block-heading" id="why-did-the-occ-crack-down-on-anchorage-digital">Why did the OCC crack down on Anchorage Digital?</h1>
<p>The consent order against <a href="https://crypto.news/anchorage-lays-off-20-of-staff-as-crypto-volatility-persists/" target="_blank" rel="noopener noreferrer nofollow">Anchorage</a> was issued in April 2022. The OCC cited Anchorage’s “failure to adopt and implement a compliance program” that met the expectations of the Bank Secrecy Act and Anti-Money Laundering standards.</p>
<p>At the time, Acting Comptroller Michael Hsu stressed that all nationally chartered banks—whether involved in traditional or novel activities—must uphold the same level of regulatory compliance.&nbsp;</p>
<p>“When institutions fall short,” Hsu said, “we will take action and hold them accountable.”</p>
<p>You might also like: <a href="https://crypto.news/ethena-labs-anchorage-digital-usdtb-genius-compliant/" rel="noopener noreferrer nofollow"> Ethena Labs, Anchorage Digital team up to make USDtb a GENIUS-compliant stablecoin </a></p>
<p>Though Anchorage did not admit or deny the OCC’s findings at the time, it acknowledged that it had “already been working to strengthen the areas identified” and committed to “reinforcing a new, digital asset standard for internal BSA/AML controls and procedures.”</p>
<p>That was a critical test for a firm that had only recently broken new ground by becoming the first crypto-native company to receive a national bank charter from the OCC in 2021.</p>
<p>“We knew what we were signing up for,” McCauley said this week, reflecting on the company’s path since securing its charter. “The seeming impossibility of our federal charter mission lit a fire under us from the start.”</p>
<h2 class="wp-block-heading" id="occ-and-other-regulators-have-softened-their-stance">OCC and other regulators have softened their stance</h2>
<p>Historically, the OCC has long been <a href="https://crypto.news/anchorage-crypto-custodian-seeks-national-bank-charter-from-the-occ/" target="_blank" rel="noopener noreferrer nofollow">cautious</a> around digital assets. But under the Trump administration, and crypto-friendly leadership, the agency has taken a softer stance. The agency’s current leadership, including Acting Comptroller Rodney Hood, has publicly referred to crypto as a “transformation” rather than a passing trend.</p>
<p>Hood has already <a href="https://crypto.news/occ-regulated-banks-can-now-buy-sell-and-provide-custody-for-crypto/" target="_blank" rel="noopener noreferrer nofollow">confirmed</a> that federally chartered banks could “engage in certain cryptocurrency activities responsibly,” including buying, selling, and providing third-party custody services, so long as institutions ensure proper oversight and risk management.</p>
<p>Meanwhile, the Federal Reserve has <a href="https://crypto.news/federal-reserve-fdic-and-occ-clarify-crypto-custody-rules-for-banks/" target="_blank" rel="noopener noreferrer nofollow">eliminated</a> the requirement for state banks to seek prior approval before engaging in crypto-related activities, and the FDIC has also clarified that banks could participate in the digital asset sector without needing upfront agency consent.&nbsp;</p>
<p>Even the SEC has loosened its grip and has deleted an earlier mandate that forced banks to list custodied crypto assets as liabilities.</p>
<p>Read more: <a href="https://crypto.news/blackrock-adds-anchorage-digital-as-custodian-for-bitcoin-etf/" rel="noopener noreferrer nofollow"> BlackRock adds Anchorage Digital as custodian for Bitcoin ETF </a></p>

OCC terminates 2022 consent order against Anchorage Digital

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