Anchorage Digital Faces Homeland Security Inquiry Amid Growing Institutional Partnerships and Crypto Policy Shifts

Anchorage Digital Bank, a key player in the U.S. digital asset custody space, is under scrutiny by a division of the U.S. Department of Homeland Security (DHS), according to a recent report by Barron’s. The investigation is being led by the El Dorado Task Force, a specialized unit that focuses on financial crimes such as money laundering and transnational fraud.

While details of the inquiry remain unclear, Barron’s reports that the task force has reached out to former Anchorage employees to better understand the company's internal practices and compliance policies. Neither Anchorage Digital nor DHS have publicly commented on the probe so far.

Anchorage, which holds the distinction of being the first federally chartered crypto bank in the U.S., has previously faced regulatory challenges. In 2022, the Office of the Comptroller of the Currency (OCC) issued a cease-and-desist order, citing deficiencies in Anchorage’s Know Your Customer (KYC) and anti-money laundering (AML) processes. In response, Anchorage was required to overhaul its compliance framework and expand its team with experienced professionals.

Adding to the current intrigue, Anchorage’s General Counsel TuongVy Le recently transitioned into an advisory role, reportedly evaluating opportunities outside the company.

Despite its regulatory hurdles, Anchorage has maintained a strong presence in both Washington policy circles and the institutional crypto space. CEO Nathan McCauley has been active in advocating for fair treatment of crypto firms within the banking system. In March, he attended a White House-hosted Digital Asset Summit, where former President Donald Trump voiced support for ending practices such as "Operation Choke Point 2.0", which crypto leaders claim unfairly target their industry.

“The U.S. is planting its flag on the digital asset frontier,” McCauley wrote on X (formerly Twitter) following the summit, signaling growing alignment between policymakers and digital asset executives.

This sentiment was echoed in February during McCauley’s testimony before the Senate Banking Committee, where he discussed the issue of "debanking"—a challenge many crypto firms face when trying to establish or maintain traditional banking relationships. Interestingly, even crypto-skeptical lawmakers like Sen. Elizabeth Warren (D-Mass.) expressed support for fair banking access for digital asset firms.

On the business front, Anchorage is gaining traction. In recent weeks, it was selected by Cantor Fitzgerald and BlackRock as a digital asset custodian. BlackRock’s inclusion of Anchorage in its spot crypto ETF strategy underscores the growing trust major institutions are placing in Anchorage’s infrastructure, despite its regulatory history.