The First U.S. Crypto Bank Is Back in Business – Anchorage Wins Big With OCC Decision

The order, imposed under the Biden administration, had raised concerns about Anchorage’s anti-money laundering (AML) and know-your-customer (KYC) procedures. Its removal marks another step in Washington’s evolving approach toward digital assets.

Shifting Regulatory Attitudes Under Trump

The decision reflects a broader softening of the regulatory stance on crypto under President Trump. In recent months, the Federal Reserve withdrew its earlier guidance that discouraged banks from working with cryptocurrencies. Shortly after, the Fed and OCC issued a joint framework clarifying how traditional banks can legally custody digital assets for their clients.

This pivot signals that regulators are now moving toward formalizing oversight rather than restricting activity, giving federally chartered crypto institutions a clearer path forward.

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Anchorage CEO Welcomes New Chapter

Anchorage Digital CEO Nathan McCauley said the milestone validates years of work spent engaging with regulators.

“We’ve spent nearly five years building the most regulated digital asset bank in the world,” McCauley said. “This achievement reflects not only our compliance journey but also the standards we’ve helped establish for digital asset custody at the federal level.”

Rising Competition in the Crypto Banking Space

The friendlier climate has also encouraged new entrants to pursue national trust charters. Firms including Paxos, BitGo, Ripple, and Circle are all seeking licenses to expand their banking and custody operations in the U.S.

McCauley noted that competition is healthy for the industry, adding that no single player can meet the growing demand for secure digital banking alone.

With the OCC’s order now lifted, Anchorage Digital is positioned to strengthen its role as a cornerstone of regulated crypto banking in the U.S., just as institutional adoption of digital assets continues to accelerate.

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