Anchorage Digital is walking away from a stablecoin-focused industry coalition that counts Robinhood and Kraken among its members. The move, confirmed by CEO Nathan McCauley, signals a deliberate shift in the custody bank's posture on digital assets tied to fiat currencies.
Why the departure matters
The group, which has not been publicly named in the announcement, was created to lobby for clearer U.S. rules around stablecoins. Anchorage Digital had been a participant. McCauley said the decision to leave stems from what he called “increased neutrality” the firm now wants to maintain on stablecoins. He did not elaborate on specific disagreements or events that triggered the exit.
Stablecoins have become a regulatory flashpoint in Washington. Lawmakers are debating how to classify tokens like USDC and USDT — whether as securities, commodities, or a new category entirely. Anchorage's withdrawal suggests the company wants to avoid taking sides in that debate, at least publicly.
What Anchorage Digital does
Anchorage Digital is a federally chartered digital asset bank. It holds crypto for institutional clients and offers trading, staking, and lending services. Unlike many crypto firms that pushed hard for stablecoin legislation, Anchorage appears to be stepping back from the political fray. The company has a national trust charter from the Office of the Comptroller of the Currency, giving it a regulatory perch most crypto firms lack.
McCauley's comments came during a brief statement. He did not name the specific coalition or provide a timeline for the withdrawal.
Robinhood and Kraken stay put
Robinhood and Kraken remain members of the stablecoin group, according to public records. Neither company has commented on Anchorage's departure. Both have their own interests in stablecoins: Robinhood offers crypto trading to millions of retail users, while Kraken operates a large exchange and has explored launching its own stablecoin.
The group's push for legislation has stalled in Congress. A stablecoin bill passed the House Financial Services Committee last year but never reached a floor vote. A new version is expected later this year, though the path forward remains uncertain.
Anchorage Digital's exit doesn't kill the coalition, but it deprives it of a bank with direct federal oversight. That could weaken the group's argument that stablecoins need tailored rules rather than existing banking law.
Anchorage Digital has not said whether it will join any other policy groups. McCauley's emphasis on neutrality suggests the company may focus on its core custody business and avoid public lobbying on stablecoins for now. The next stablecoin bill draft is expected to be released in the coming months. How Anchorage responds — or stays silent — will tell whether this exit is a one-off or the start of a broader retreat from policy engagement.
