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Wow. Just… wow. While I cannot speak to anything that was written (I am far from being a crypto boi, all I see is snake oil and fraud tools), the epic disparit

Wow. Just… wow. While I cannot speak to anything that was written (I am far from being a crypto boi, all I see is snake oil and fraud tools), the epic disparity between the sloppy request and the meticulously eviscerating response is an absolute wonder to behold. The bank CEO brought a rubber knife to someone wielding a nuclear bazooka

tadfisher 2y ago
At the end of the article, it's confirmed that Anchorage Labs/Anchorage Digital is not really a "bank" in the common meaning of the term: > The Bank shall limit its business to the operations of a trust company and activities related or incidental thereto. The Bank shall not engage in activities that would cause it to be a “bank” as defined in section 2(c) of the Bank Holding Company Act. Essentially Anchorage Digital is a rail for crypto to interact with the regulated financial industry, and their charter with the OCC limits them to only that form. So "bank CEO" is a misnomer; I would say "crypto CEO who managed to convince federal regulators to provide limited access to the banking system without allowing risky activities like lending or deposits".
- pjc50 2y ago
  Huh. UK doesn't allow you to register a company name containing "bank" unless you are in fact a bank.
  - Y_Y 2y ago
    I'm sure there is a statement very similar to yours that is true, but as it is written it seems not to be so, since there are plenty of non-banks listed by Companies House here: https://find-and-update.company-information.service.gov.uk/search/companies?q=bank https://find-and-update.company-information.service.gov.uk/s...
    - pjc50 2y ago
      The list is at https://www.legislation.gov.uk/uksi/2014/3140/schedule/1/made https://www.legislation.gov.uk/uksi/2014/3140/schedule/1/mad... , linked from the rules at https://www.gov.uk/government/publications/incorporation-and-names/incorporation-and-names#sensitive https://www.gov.uk/government/publications/incorporation-and... Enforcement may vary.
  - renewiltord 2y ago
    The registered company name is Anchor Labs, Inc. and it probably DBAs as Anchorage Digital. The tag line is "crypto bank for institutions" but the registered name does not include 'bank'. EDIT: Pay attention to comment below. This comment is incomprehensive.
    - tadfisher 2y ago
      There are two companies here. "Anchorage Digital Bank, National Association" is the "bank" with the OCC charter. "Anchor Labs, Inc.", who confusingly labels their service as "Anchor Digital", has a relationship with the former, and the article hints at some form of obscured ownership.
      - renewiltord 2y ago
        Well, color me corrected.

tadfisher 2y ago

At the end of the article, it's confirmed that Anchorage Labs/Anchorage Digital is not really a "bank" in the common meaning of the term: > The Bank shall limit its business to the operations of a trust company and activities related or incidental thereto. The Bank shall not engage in activities that would cause it to be a “bank” as defined in section 2(c) of the Bank Holding Company Act. Essentially Anchorage Digital is a rail for crypto to interact with the regulated financial industry, and their charter with the OCC limits them to only that form. So "bank CEO" is a misnomer; I would say "crypto CEO who managed to convince federal regulators to provide limited access to the banking system without allowing risky activities like lending or deposits".

pjc50 2y ago
Huh. UK doesn't allow you to register a company name containing "bank" unless you are in fact a bank.
- Y_Y 2y ago
  I'm sure there is a statement very similar to yours that is true, but as it is written it seems not to be so, since there are plenty of non-banks listed by Companies House here: https://find-and-update.company-information.service.gov.uk/search/companies?q=bank https://find-and-update.company-information.service.gov.uk/s...
  - pjc50 2y ago
    The list is at https://www.legislation.gov.uk/uksi/2014/3140/schedule/1/made https://www.legislation.gov.uk/uksi/2014/3140/schedule/1/mad... , linked from the rules at https://www.gov.uk/government/publications/incorporation-and-names/incorporation-and-names#sensitive https://www.gov.uk/government/publications/incorporation-and... Enforcement may vary.
- renewiltord 2y ago
  The registered company name is Anchor Labs, Inc. and it probably DBAs as Anchorage Digital. The tag line is "crypto bank for institutions" but the registered name does not include 'bank'. EDIT: Pay attention to comment below. This comment is incomprehensive.
  - tadfisher 2y ago
    There are two companies here. "Anchorage Digital Bank, National Association" is the "bank" with the OCC charter. "Anchor Labs, Inc.", who confusingly labels their service as "Anchor Digital", has a relationship with the former, and the article hints at some form of obscured ownership.
    - renewiltord 2y ago
      Well, color me corrected.