Anchorage Digital exceeds order of the Federal Banking Regulator in the US

By Hannah Pérez

The Occ, a federal banking regulator in the United States, released Anchorage Digital from restrictions imposed in 2022, during the Biden administration.

***

• The Sam freed Anchorage Digital from restrictions imposed in 2022.
• The United States Federal Banking Regulator changes its posture in line with Trump’s vision.
• Anchorage Digital is the first in cryptocurrencies in having a banking license in the US.
• Other companies could enter the competition now that regulation becomes favorable.

---

The cryptocurrency bank, Anchorage Digital, It has been fought from an order issued by a main federal banking regulator in the midst of a more favorable regulatory context for cryptocurrencies in the United States.

The Office of the Comptroller of Currency (OCC) of the United States lifted an order of consent imposed in 2022 against Digital anchoragethe first and only cryptocurrency bank with a federal license in the country.

The measure, announced this Thursday by the company in a statement, marks the end of the regulatory concerns on the Money Laundering Prevention Program (AML) and the provisions of “Know your client” (KYC) of the institution.

OCS LEVES ORDER AGAINST ACHROGA

In 2022, under the administration of Joe Biden, the OCC issued the order due to deficiencies in the AML controls of Digital anchorage. The measure occurred a year after the company was ensured a National Banking Statute of the Occ.

However, the entity ensures that it has worked since then to strengthen its compliance infrastructure, investing millions in resources and specialized personnel. According to the CEO of AnchorageNathan McCauley, the resolution of this order reflects the company’s commitment to establish compliance standards for custody of digital assets regulated at the federal level.

This development occurs in a context of regulatory change favorable to cryptocurrencies under the administration of Trump. Unlike the most restrictive position of the Biden Administration, the regulatory agencies, including the OCC, have adopted a more permissive approach to the digital asset sector in the last year.

The Federal Reserve (FED), for example, recently withdrew guidelines that discouraged the participation of banks in activities related to cryptocurrencies, and the OCS has issued new guides that facilitate custody of digital assets.

“With our lifted consent order, we have definitely demonstrated that cryptocurrencies and federal supervision are not mutually exclusive – and, in fact, they can be stronger working together“McCauley said.

Favorable regulatory environment fosters competitiveness

Digital anchoragefounded in 2017 and based in San Francisco, it remains as the only federal license cryptocurrency bank in the US., A status that McCauley highlighted as a “Advantage of almost five years” which has allowed the company to consolidate as a leader in regulatory compliance. Recently, other firms such as Paxos, Bitgo, Ripple and Circle They have requested national bank licenses, following the path drawn by Anchorage In a more friendly regulatory environment.

“We received and solved feedback from regulators while establishing the standard for digital asset custody ”said McCauley, who welcomed the emerging competition. “No bank can do it alone in the crypto world “.

The OCC pointed out that security and compliance with Digital anchorage With laws and regulations they no longer require the continuity of the order, which reinforces the company’s position as a key actor in the US digital financial ecosystem. UU.

---

Article written with the help of AI, edited by Diariobitcoin

Image of Depositphotos

WARNING: Diariobitcoin offers informative and educational content on various topics, including cryptocurrencies, AI, technology and regulations. We do not provide financial advice. Cryptactive investments are high risk and may not be adequate for all. Investigate, consult an expert and verify the applicable legislation before investing. I could lose all its capital.