The U.S. Office of the Comptroller of the Currency (OCC) has lifted its 2022 consent order against Anchorage Digital.
The order was implemented during the Biden administration due to concerns about the bank’s anti-money laundering (AML) and know-your-customer (KYC) programs.
“The OCC said in a statement today that the order remains in place to ensure the bank’s safety, soundness, and legal compliance.”
The softening of regulators’ stance on cryptocurrencies over the past year during the Trump administration has been notable. The Fed previously withdrew its guidance discouraging banks from participating in cryptocurrencies. Last month, the Fed and the OCC issued a joint statement outlining how existing rules regarding banks holding crypto assets on behalf of customers will be implemented.
Anchorage Digital is the first and only federally licensed crypto bank in the US. CEO Nathan McCauley said in a statement:
“We embarked on this journey nearly five years ago, building the world’s most regulated digital asset bank. Along the way, we’ve established federal digital asset custody standards by incorporating feedback from regulators.”
In recent months, companies like Paxos, BitGo, Ripple, and Circle have also applied for national trust charter licenses, spurred by a more friendly political climate. McCauley welcomed the competition, saying, “When it comes to crypto, no bank can do it alone.”
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/another-crypto-hostile-decision-from-the-biden-administration-in-the-us-has-been-reversed-official-statement-released/