The Office of the Comptroller of the Currency (OCC) has granted its inaugural national trust bank charter for cryptocurrency to Anchorage Digital, marking a watershed moment for digital asset regulation in the United States. This approval enables Anchorage to operate as a federally chartered digital asset custodian under OCC oversight.
Key Developments in the OCC's Landmark Decision
- Historic Milestone: Anchorage is the first crypto-native company to receive a national trust charter, advancing the Obama-era "fintech charter" vision accelerated under outgoing OCC Acting Comptroller Brian Brooks.
Regulatory Framework: The charter comes with stringent requirements:
"As an enforceable condition of approval, the company entered into an operating agreement specifying capital and liquidity requirements alongside OCC’s risk management expectations."
- Non-Depository Model: The agreement explicitly prohibits traditional deposit-taking activities, redefining banking for the crypto era under the Bank Holding Company Act.
Why This Matters for Crypto Banking
- Federal Oversight: Moves crypto compliance beyond state-by-state approvals (like Kraken's 2020 Wyoming charter) toward unified national standards.
- Industry Legitimization: Validates institutional-grade custody solutions as critical infrastructure for digital assets.
- Regulatory Clarity: Addresses longstanding debates about whether crypto firms can qualify as banks without holding deposits.
Controversies and Challenges
State regulators have expressed concerns about OCC's expanding authority, viewing federal fintech charters as encroaching on their jurisdiction. However, proponents argue this creates necessary consistency for emerging technologies.
The Road Ahead
With Brooks' tenure ending, industry observers speculate whether additional crypto banking charters will follow. An OCC spokesperson declined to comment on future approvals.
FAQs: National Crypto Bank Charters Explained
Q: What services can Anchorage now offer as a national trust bank?
A: Primarily digital asset custody and related fiduciary services—not traditional banking like loans or deposits.
Q: How does this differ from Kraken's Wyoming license?
A: Wyoming's SPDI charter is state-level; Anchorage's OCC approval sets a federal precedent with potentially broader interoperability.
Q: Will this lead to more crypto banks?
A: Likely yes—this establishes a template for other qualified firms to pursue federal charters. 👉 Learn how institutional custody works
This analysis reflects evolving regulatory landscapes. Always consult legal experts for compliance decisions.