The US Office of the Comptroller of the Currency (OCC) has officially terminated a consent order against Anchorage Digital, a cryptocurrency custody bank. The original order, issued in April 2022, cited the bank's failure to adopt and implement an adequate compliance program in accordance with Anti-Money Laundering (AML) standards. However, the OCC now states that Anchorage's compliance with laws and regulations has improved sufficiently to eliminate the need for ongoing oversight. Nathan McCauley, co-founder and CEO of Anchorage, expressed that this decision demonstrates the potential for collaboration between cryptocurrency companies and federal regulators. Anchorage was the first US crypto firm to receive a national bank charter in January 2021. The termination of this order reflects a broader shift in the US government's approach to crypto regulation, particularly in light of recent clarifications by the OCC, Federal Reserve, and FDIC on the risks posed by banks holding digital assets for clients. The OCC's actions signal a softening stance on cryptocurrency enforcement and regulatory practices under the current administration.

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