Anchorage Digital CEO Highlights Challenges Faced By Crypto Banks

According to PANews, Anchorage Digital CEO Nathan McCauley testified at the U.S. Senate hearing on 'Debanking,' revealing that despite being a federally licensed crypto bank, Anchorage Digital has faced service refusals from banks, leading to business disruptions and a 20% reduction in staff. McCauley highlighted that from 2021 to 2023, U.S. regulatory bodies, including the OCC, FDIC, SEC, and the Federal Reserve, have increasingly pressured banks to distance themselves from the crypto industry. This has resulted in banks being generally unwilling to collaborate with crypto companies, leaving many unable to access basic banking services and forcing some to shut down. He urged Congress to legislate for fair access to financial services for the crypto industry and recommended the repeal of the joint statement by banking regulators from January 2023 to restore banks' ability to serve the crypto sector effectively.