Custody pioneer Anchorage is the first crypto firm to see a charter from the U.S. national bank regulator.
Per a Wednesday announcement from the Office of the Comptroller of the Currency, Anchorage will have conditional authorization to operate as a trust institution nationally. The charter is the first of its kind, part of an idea of a “fintech charter” stretching back to the Obama years, but which has been accelerated under the leadership of Acting Comptroller Brian Brooks, formerly of Coinbase’s legal team.
Per the announcement, Anchorage’s continued charter will hinge upon unique requirements:
“As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations.”
The actual agreement between Anchorage and the OCC specifies a point that has been central to the debate around the fintech charter; namely, that the new species of banks will not hold deposits: “The