The US Office of the Comptroller of the Currency (OCC) announced the termination of a consent order against Anchorage Digital, a cryptocurrency custody bank, originally issued in April 2022 due to compliance issues with Anti-Money Laundering (AML) standards. The OCC stated that Anchorage's current compliance with laws and regulations no longer necessitated the order's existence. Nathan McCauley, Anchorage's co-founder and CEO, expressed that the lifting of the consent order demonstrates that cryptocurrency operations can coexist with federal oversight, reinforcing their strengths when integrated. Anchorage, which became the first US-based crypto entity to secure a national bank charter in January 2021 under the Biden administration, benefited from the government’s recent shift towards a softer approach on crypto regulation compared to the previous Trump administration. Other firms similarly affected by OCC orders include Paxos, Ripple Labs, and Circle. The recent changes reflect an evolving regulatory landscape for digital assets, with new legislation, such as the GENIUS Act for stablecoin regulation, paving the way for licensing frameworks for crypto firms.

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