The Office of the Comptroller of Currency (OCC) has made a pivotal move for the crypto banking industry by terminating its consent order against Anchorage Digital. This decision marks Anchorage Digital’s transformation: from the first federally chartered bank for digital assets facing scrutiny under the Bank Secrecy Act and anti-money laundering regulations to a compliant, trusted player in U.S. financial markets. As BlackRock’s chosen custodian for Bitcoin and Ethereum ETFs, Anchorage’s achievement not only answers regulatory uncertainties but sets a new compliance benchmark in the evolving world of crypto banking.
Anchorage Digital sets compliance standards in crypto banking
Anchorage Digital’s journey underscores the importance of a strong compliance program within the crypto banking sector. Charter approval in 2021 made Anchorage the first federally chartered bank to custody digital assets, but the OCC quickly spotlighted shortcomings in meeting requirements under the Bank Secrecy Act and anti-money laundering rules. By rigorously revamping its compliance framework, Anchorage demonstrated effective risk controls, transparency, and adherence to the highest regulatory standards. This transformation directly influenced the OCC’s decision to pull the consent order and serves as a playbook for other crypto banks seeking regulatory approval.
The OCC consent order – From censure to confidence
For Anchorage Digital, the original OCC consent order in 2022 was a wakeup call: without robust anti-money laundering controls and a comprehensive compliance program, operating as a federally chartered bank would not be permitted. By decisively addressing OCC concerns, Anchorage’s leadership—spearheaded by CEO Nathan McCauley—showed that crypto banking can meet integral standards of safety and soundness. The termination of the OCC consent order signals regulator confidence and opens the door for other aspiring crypto banks.
BlackRock’s partnership shows trust in Anchorage’s compliance turnaround
BlackRock’s use of Anchorage Digital to custody Bitcoin and Ethereum for its spot ETFs is a landmark vote of confidence in Anchorage’s regulatory credentials. As institutional interest in crypto grows, custodians with OCC consent order clearance and a robust compliance program are poised for new opportunities. This partnership also amplifies the message that mainstream financial actors require federally chartered banks in the digital asset space to maintain trust, risk management, and regulatory clarity.
Bank Secrecy Act and AML compliance: The foundation for a secure crypto banking future
Central to the OCC’s oversight was Anchorage Digital’s adherence to the Bank Secrecy Act and anti-money laundering standards. By implementing best-in-class controls, transaction monitoring, and reporting mechanisms, Anchorage Digital positioned itself as a secure, resilient player in the crypto banking space. The OCC’s decision to pull the consent order is an endorsement of Anchorage’s compliance program and a signal to the broader industry: trustworthy infrastructure is key to the sustainable growth of digital asset banking.
What this means for the future of federally chartered crypto banks
With the OCC consent order now in the rearview mirror, Anchorage Digital’s success may accelerate the push for other crypto firms—such as Circle, Ripple, and Paxos—to seek national bank charters. This evolution reflects the broader maturation of crypto banking, where regulatory clarity and compliance are essential for integrating digital assets with the traditional financial system. The path trodden by Anchorage Digital demonstrates that it is possible to balance innovation with federal oversight and public trust.
Frequently asked questions about OCC consent order (FAQ)
What is an OCC consent order in crypto banking?
An OCC consent order is a formal action by the Office of the Comptroller of Currency to enforce corrective measures at a bank, commonly when compliance or risk controls are inadequate. In the context of Anchorage Digital, it addressed shortcomings in their anti-money laundering and Bank Secrecy Act compliance program.
How did Anchorage Digital comply with the OCC’s requirements?
Anchorage overhauled its compliance program, strengthening monitoring, reporting, and risk controls related to anti-money laundering and the Bank Secrecy Act. Their successful efforts convinced the OCC to terminate the consent order.
Why does BlackRock use Anchorage for ETF custody?
With its consent order lifted, Anchorage Digital is now a fully compliant, federally chartered bank. BlackRock partners with Anchorage to ensure secure custody for Bitcoin and Ethereum ETFs, combining institutional trust with regulatory approval.
Are other crypto firms seeking federally chartered bank status?
Yes, several crypto companies—including Circle, Ripple, and Paxos—are pursuing national bank charters as regulatory clarity improves and the industry matures.
What does this mean for the crypto banking industry overall?
Anchorage Digital’s regulatory progress under the OCC consent order sets a precedent. It shows that with the right compliance program, crypto banks can achieve safety, soundness, and grow institutional adoption.
Sources to this article
- Office of the Comptroller of the Currency. (2022, 2025). [OCC press releases and regulatory actions].
- Anchorage Digital. (2021–2025). [Company statements, compliance updates and announcements].
- BlackRock. (2025). [ETF custody partnership disclosures].
- Reuters. (2025). “Anchorage Digital receives regulatory clearance from OCC.”
- CoinDesk. (2025). “OCC lifts Anchorage consent order following compliance overhaul.”
