OCC Cites Security and Financial Stability in Rescinding Consent Order for Crypto Bank Anchorage

The Office of the Comptroller of the Currency (OCC) referenced security and financial stability concerns in withdrawing a previous consent order for Anchorage, a bank focused on cryptocurrencies. This action underscores the ongoing scrutiny faced by financial institutions operating within the digital asset space. The decision followed a comprehensive evaluation of the bank’s operations and risk management, suggesting improvements in these areas. The removal of the order signals the conclusion of a period of heightened regulatory oversight for Anchorage, affording the bank greater autonomy in its operations. Nevertheless, it also serves as a reminder to the broader industry of the importance of maintaining robust financial standards and meeting regulatory expectations.