Overview

• The Office of the Comptroller of the Currency on Thursday terminated its 2022 cease-and-desist order against the federally chartered firm.
• The agency said the bank’s safety, soundness and compliance with laws no longer required the order to remain in place.
• Anchorage said it restructured leadership, scaled its compliance team, strengthened internal controls and automated processes to remediate the issues.
• CEO Nathan McCauley called the outcome validation of the trust-bank model for digital assets and welcomed growing industry competition.
• The decision arrives as Comptroller Jonathan Gould embraces a fintech-friendly stance and as Paxos, Ripple, Circle and Wise seek national trust charters, drawing opposition from the American Bankers Association over potential deposit displacement tied to stablecoins.