Key Points:
- The U.S. Department of Homeland Security’s El Dorado Task Force has opened a preliminary probe into Anchorage Digital Bank’s practices and policies.
- Anchorage Digital, the first federally chartered cryptocurrency bank in the U.S., is again under regulatory scrutiny following a 2022 OCC consent order over AML/BSA deficiencies.
- Anchorage serves as custodian for BlackRock’s Bitcoin ETF and other institutional services, managing over $50 billion in assets, highlighting its systemic importance.
- The investigation comes amid broader calls for a unified federal crypto regulatory framework and updated guidance from the SEC, CFTC, OCC, and FDIC.
- Institutional interest in digital assets continues to grow, with surveys indicating that over 83 % of investors plan to increase allocations in 2025, emphasizing the need for robust compliance and guidance.
Background: Origins and Rise of Anchorage Digital
Anchorage Digital was founded in 2017 by Diogo Mónica and Nathan McCauley to deliver institutional-grade custody and financial services for blockchain assets. Backed by marquee investors including Andreessen Horowitz, Goldman Sachs, and Visa, the firm rapidly built a reputation for security innovation, pioneering multi‑party computation (MPC) key management and programmatic transaction monitoring. In January 2021, Anchorage made history by obtaining a national trust bank charter from the Office of the Comptroller of the Currency (OCC), becoming the first crypto-native firm to gain equal legal status with traditional national banks under federal oversight.
Anchorage’s charter empowered it to offer a suite of regulated services—asset custody, staking-as-a-service, settlement, and token issuance—while subjecting it to rigorous bank‑level examinations. This dual identity, at once fintech innovator and regulated depository institution, positioned Anchorage at the nexus of the traditional financial system and emerging blockchain economy.
Current DHS Investigation by the El Dorado Task Force
In mid‑April 2025, financial press reported that the Department of Homeland Security’s El Dorado Task Force (EDTF)—a multi‑agency unit specializing in transnational money laundering and financial crime—has initiated a preliminary inquiry into Anchorage Digital Bank’s internal practices and compliance protocols. According to Barron’s, EDTF investigators have contacted former Anchorage employees to understand the bank’s anti‑money‑laundering (AML) controls and risk‑assessment procedures, though no formal allegations or enforcement actions have yet been announced.
The El Dorado Task Force, established in 1992, unites DHS, ICE, IRS Criminal Investigation, and other federal partners to disrupt illicit finance networks crossing U.S. borders. Its involvement signals potential concerns over Anchorage’s handling of large, cross‑border transactions or customer‑due‑diligence gaps—issues that, if substantiated, could carry significant legal and reputational consequences.
Historical Regulatory Actions and Compliance Challenges
This investigation follows Anchorage’s 2022 consent order with the OCC, which found shortcomings in the bank’s Bank Secrecy Act (BSA) and AML compliance program. The OCC admonished Anchorage for inadequate internal audits, risk assessments, and suspicious‑activity monitoring, mandating the formation of a corrective‑action committee overseen by OCC examiners. While Anchorage publicly committed to strengthening its compliance infrastructure—hiring additional staff, upgrading transaction‑monitoring technology, and overhauling its risk‑governance framework—it remains under heightened regulatory scrutiny.
Analysts note that recurrences of regulatory concerns at a federally chartered crypto bank could unsettle industry confidence, potentially prompting other regulators to reassess their own oversight strategies for digital‑asset service providers.
Institutional Partnerships and Crypto Custody Footprint
Anchorage’s institution‑grade services extend beyond bank custody to critical roles in the burgeoning Bitcoin ETF market. Since January 2024, the firm has served as custodian for BlackRock’s iShares Bitcoin Trust (IBIT), safeguarding billions of dollars in spot‑Bitcoin holdings alongside fellow custodians Coinbase and BitGo. In March 2025, Anchorage also began custody and collateral management for Cantor Fitzgerald’s Bitcoin treasury, contributing to its reported $50 billion in assets under management for 2024.
This deep institutional integration underscores Anchorage’s systemic importance within the U.S. digital‑asset ecosystem. As BlackRock’s IBIT has amassed over $35.5 billion in inflows, Anchorage’s uninterrupted compliance and operational resilience have become critical for market stability and investor trust.
Beyond custody, Anchorage offers staking and governance‑node services for proof‑of‑stake networks, settlement services for token issuance, and connectivity to global banking rails—services that traditional banks have only recently begun exploring under new interpretive guidance.
Broader U.S. Regulatory Landscape
Anchorage’s latest probe emerges amid intensified legislative and regulatory efforts to clarify the U.S. crypto framework. On April 10, 2025, New York Attorney General Letitia James urged Congress to enact a comprehensive federal crypto law mandating registration of digital‑asset firms, minimum token‑listing standards, and U.S. bank‑reserve requirements for stablecoin issuers. Simultaneously, the OCC issued Interpretive Letter 1183 confirming that national banks may engage in crypto‑custody, stablecoin activities, and node‑verification without prior supervisory non‑objection, provided they maintain adequate controls. The FDIC has likewise rescinded older guidance (FIL‑16‑2022), issuing updated standards for FDIC‑supervised institutions entering crypto markets.
At the federal level, the SEC’s Crypto Task Force and new Cyber and Emerging Technologies Unit are crafting guidelines on token classification and ETF approvals, while the CFTC tightens oversight of crypto derivatives. Meanwhile, states continue to refine their own regimes, with New York’s BitLicense evolving and other jurisdictions adopting sandboxes to foster innovation while enforcing KYC/AML protections.
Emerging Trends in Institutional Crypto Adoption
Despite regulatory complexities, institutional appetite for digital assets is surging. A recent EY-Parthenon/Coinbase survey finds that 83 % of institutional investors plan to increase crypto allocations in 2025, with 59 % targeting over 5 % of their assets under management for digital‑asset exposure. Respondents cite regulatory clarity as the top catalyst for further adoption, followed by innovation in stablecoins, DeFi products, and tokenized assets.
Another EY survey projects that more than three‑quarters of global institutions will boost crypto holdings, emphasizing demand for qualified custodians and compliance expertise as prerequisites for deeper market participation.
Implications and Potential Outcomes
Anchorage’s experience may prove a bellwether for the entire crypto‑banking sector. Should the DHS investigation uncover material compliance failures, Anchorage could face civil penalties, restrictions on its federal charter, or enhanced remediation mandates. Such outcomes may prompt peer institutions—both crypto‑native and traditional banks—to preemptively strengthen controls or reconsider digital‑asset offerings.
Conversely, a swift resolution affirming Anchorage’s compliance could reinforce confidence in regulated crypto banking, accelerating mainstream institutional adoption. In either scenario, the investigation underscores the critical interplay between robust regulatory oversight and the sustainable growth of blockchain finance.
Anchorage Digital’s DHS probe marks a pivotal moment in U.S. crypto regulation, testing the resilience of the nation’s first federally chartered crypto bank under heightened scrutiny. As Anchorage navigates this inquiry, the broader industry watches closely: its outcome will influence regulatory expectations for compliance, shape the competitive landscape for custodians, and either bolster or challenge the narrative that a regulated pathway exists for blockchain‑based financial services. With institutional demand soaring and regulators refining frameworks in concert, the Anchorage case will likely serve as a reference point for emerging norms, striking a balance between innovation, market integrity, and consumer protection.
