US OCC Terminates 2022 Order Targeting Anchorage Digital Over AML

The US Office of the Comptroller of the Currency (OCC) just dropped the hammer—but in a good way. They terminated a 2022 consent order against Anchorage Digital, the crypto custody bank, signaling a major win for regulatory clarity in the space.

In a Thursday notice, the OCC said they axed the order to 'assure the safety and soundness' of Anchorage. Back in April 2022, the OCC slapped them with this order for failing to adopt a proper Anti-Money Laundering (AML) compliance program. But now, the regulator admits Anchorage's compliance is solid, so the order's gotta go.

Anchorage was the first US crypto firm to snag a national bank charter from the OCC in January 2021 under the Biden administration. Fast forward to now, with Jonathan Gould (ex-Bitfury chief legal officer) leading the OCC since July under the Trump administration, and things are shifting big time.

This move screams softer crypto enforcement under the Trump administration. The Federal Reserve just sunset a program monitoring banks' crypto activities in August, and in July, the OCC, Fed, and FDIC dropped a joint statement clarifying risks for banks holding digital assets.

Other players like Paxos, Ripple Labs, and Circle are eyeing national trust bank charters from the OCC. Thanks to the GENIUS Act signed in July, there's now a legit pathway for crypto firms to get licensed, blending innovation with oversight.