Anchorage Digital Bank, the first federally chartered crypto bank in the U.S., is under investigation by the Department of Homeland Security's El Dorado Task Force. This unit is focused on financial crimes and anti-money laundering efforts.
According to reports , the task force has contacted past Anchorage employees and requested records from the company to examine its practices internally. However, the specifics of the investigation are not yet known.
The investigation comes as Anchorage has positioned itself as a regulatory success in the space, with a bank charter from the Office of the Comptroller of the Currency (OCC) in 2021.
CEO’s testimony
In February 2025, Anchorage CEO and co-founder Nathan McCauley appeared before the U.S. Senate Banking Committee to discuss the debanking of crypto firms.
In a publicly released note , he said, "Debanking is about more than just the inconvenience and disruption to our business and many others in the crypto industry. It is about ensuring fair access to the financial system and fostering the growth of an industry that could benefit Americans regarding jobs, technological innovation, and financial inclusion. It is a threat to American values to create such arbitrary barriers against new technology and innovation, which undermines our economic competitiveness as a country."
Although Anchorage was adhering to federal regulations set by its charter with the OCC, McCauley explained that its banking partners were uncomfortable engaging in crypto-related transactions, specifically cutting ties with the bank.
Anchorage was rejected by over 40 banks, which resulted in layoffs and the inability to obtain basic banking services. Seen as a bridge between traditional finance and the rapidly growing digital asset economy, Anchorage provides custody, staking , and trading for over 1,000 institutional clients.
McCauley has claimed that Anchorage also included the highest regulatory principles and helped law enforcement trace illegal activity more effectively than traditional financial institutions.