Nathan McCauley is the co-founder and Chief Executive Officer (CEO) of Anchorage Digital. He is a notable figure in the digital asset industry for leading Anchorage Digital to become the first crypto-native company to receive a national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC). ^{[1] [2]}​

Education

McCauley grew up in Economy, Indiana, a small midwestern town with a population of approximately 150 people. From a young age, he aspired to become a computer engineer and entrepreneur. He holds a Bachelor of Science (B.S.) in Computer Science and Mathematics from the Rose-Hulman Institute of Technology. ^[1]

Career

Security Engineering

McCauley began his career focusing on infrastructure security, anti-reverse engineering, and key management. His early roles included working on solutions for commercial and military applications at Arxan Technologies. ^[3] He later held security engineering positions at several major technology companies, where he was responsible for securing large-scale systems and valuable assets. These roles included a period at VMware, followed by a position at Docker, Inc., where he built and led the security team, which served as a basis for working with digital assets. ^{[4] [2]}​

McCauley was an early security engineer at Square (now Block, Inc.), where he focused on securing the infrastructure for the company's hardware and payments platform, which processed billions of dollars in transactions. ^{[4] [3]} It was during his time at Docker and Square that he worked closely with Diogo Mónica, who would later co-found Anchorage Digital with him. ^[5]​

Anchorage Digital

In 2017, McCauley and Mónica co-founded Anchorage Digital to address a critical gap they identified in the market for institutional cryptocurrency investors. ^[4] Their founding thesis was to solve the "custodian's dilemma," where institutions were forced to choose between the high security of inaccessible offline "cold storage" and the high risk of online "hot wallets." They aimed to create a solution that offered both institutional-grade security and asset usability, allowing clients to actively participate in staking and on-chain governance. ^{[6] [1]}​

The company publicly launched on January 23, 2019, announcing a $17 million Series A funding round led by Andreessen Horowitz and positioning itself as the "world's first crypto-native custodian." ^[1] As CEO, McCauley has led the company's expansion from a custody provider to a comprehensive financial platform for digital assets. The company's services have grown to include trading, financing, staking, and settlement through its prime brokerage, Anchorage Prime. ^[7]​

Federal Charter and Growth

A significant milestone under McCauley's leadership occurred in January 2021, when Anchorage Digital Bank, N.A. received a conditional national trust charter from the U.S. Office of the Comptroller of the Currency (OCC). This marked the first time a crypto-native company was granted a federal banking charter, establishing a regulated path for institutions to engage with digital assets. ^{[1] [4]}​

McCauley has also overseen significant partnerships and funding for the company. In March 2025, financial services firm Cantor Fitzgerald selected Anchorage Digital as the custodian for its Bitcoin financing business. ^[8] In April 2025, Anchorage Digital Bank was named an eligible custodian to support spot crypto Exchange-Traded Products (ETPs) for BlackRock, the world's largest asset manager. ^[8] In February 2026, Tether, the issuer of the USDT stablecoin, made a 4.2 billion. At this time, Anchorage Digital also served as the issuer for USA₮, a U.S.-based, federally regulated stablecoin launched by Tether. ^{[9] [8]}​

Public Advocacy and Views

McCauley is a vocal advocate for clear regulatory frameworks for digital assets and frequently engages with policymakers. He has authored articles and testified before the U.S. Congress on issues affecting the industry. ^{[2] [10]}​

Senate Testimony on Debanking

On February 5, 2025, McCauley testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs in a hearing titled "Investigating the Real Impacts of Debanking in America." ^[1] He argued against the practice of traditional banks terminating services for legitimate crypto companies, a phenomenon he referred to as a "bureaucrat's secret weapon." ^[10]​

In his testimony, McCauley revealed that Anchorage Digital, despite being a federally chartered bank itself, had been debanked by its own banking partner in 2023. He described the process as "opaque, unfair, and amounted to a de facto ban on crypto." He stated that this event, along with rejections from over 40 other banks, was a "devastating" blow that contributed to the company laying off 20% of its workforce. He urged Congress to investigate the practice and consider "fair access to financial services" legislation, arguing that pushing compliant firms out of the U.S. banking system does not eliminate risk but moves it into less regulated jurisdictions. ^[1]​

On Regulation and Compliance

McCauley consistently advocates for holding the crypto industry to a higher standard through clear rules rather than exclusion. He asserts that Anchorage Digital's ability to operate under a federal charter and resolve a previous OCC consent order related to Bank Secrecy Act/Anti-Money Laundering (BSA/AML) compliance is definitive proof that complex crypto activities can be conducted within the U.S. regulatory perimeter. ^[11] He has advised that the regulatory bar set by the OCC is very high for any firm seeking a national charter. ^[11]​

He has commented on specific legislation, such as the GENIUS Act, calling its signing by the President a "historic event" that "set the rules of the road for stablecoins in America." ^[11]​

On Stablecoins

McCauley views stablecoins as a foundational technology for the financial system, describing them as "the first killer app of crypto." ^[4] He has stated that he believes stablecoins are on a path "to become the core plumbing of finance," serving as the rails for a wide range of activities from B2B payments to cross-border settlement. ^[12]​

He has also argued that traditional banks, including community and regional banks, should embrace stablecoin technology as an opportunity rather than a threat. McCauley has promoted services like Anchorage's "white-label" stablecoin platform, which enables other institutions to issue their own branded, deposit-backed stablecoins using Anchorage's regulated infrastructure. ^{[7] [11]}​

Published Works and Media

McCauley is a contributor to financial and technology publications, including CoinDesk, where he has authored opinion pieces on debanking, the SEC's Custody Rule, and opportunities for wealth managers in digital assets. ^[10] He is also a frequent speaker at industry conferences and has appeared on numerous podcasts, such as American Banker, On The Brink with Castle Island, and View from the Arch, to discuss institutional adoption, regulation, and financial infrastructure. ^{[11] [7] [5]}​

Interviews

Institutional Bitcoin Adoption and Custody #01

In an interview published on May 20, 2024, on the YouTube channel of Bitcoin Magazine, Nathan McCauley, co-founder and CEO of Anchorage Digital, discussed his interpretation of Bitcoin’s development and its increasing participation by institutional actors.

According to McCauley, Bitcoin’s adoption path differs from that of traditional financial assets, as it initially expanded through retail participation before drawing interest from institutional entities. He stated that institutional demand had been present for several years and that the introduction of Bitcoin exchange-traded funds primarily enabled access to an already existing market interest that had previously faced regulatory and operational limitations.

McCauley characterized Anchorage Digital as an institutional custody provider serving entities such as corporations, sovereign wealth funds, and government-related organizations. In his description, the company’s role involves custody services, trading access, and operational support related to Bitcoin holdings. He indicated that institutions adopting a long-term allocation approach tend to maintain their exposure despite market price fluctuations, treating Bitcoin as a long-duration asset.

From McCauley’s perspective, regulatory structure is a determining factor for institutional participation. He referenced Anchorage Digital’s Federal Trust Bank Charter granted by the U.S. Office of the Comptroller of the Currency, noting that this status places the company under federal banking supervision similar to that applied to nationally chartered banks, which, in his view, addresses compliance requirements for risk-averse institutions.

He also addressed Anchorage Digital’s integration with registered investment advisor platforms, describing this effort as an infrastructure initiative intended to allow financial advisors to access Bitcoin-related services within existing advisory frameworks. Additionally, McCauley linked the company’s distributed hiring model to the global nature of Bitcoin, stating that Anchorage employs personnel across multiple regions, including North America, Europe, and Asia.

During the interview, McCauley stated that he views the current period as one in which Bitcoin is increasingly incorporated into institutional financial structures. He associated this stage with earlier discussions within the Bitcoin community and with perspectives expressed by figures such as Michael Saylor, framing institutional custody and banking involvement as part of Bitcoin’s ongoing integration into established financial systems. ^[13]

Institutional Crypto Custody and Regulation in the U.S. #02

In an interview published on June 18, 2025, on the YouTube channel Crypto In America, Nathan McCauley, co-founder and CEO of Anchorage Digital, discussed the development of institutional crypto custody in the United States and the regulatory framework surrounding Anchorage’s operations.

McCauley stated that Anchorage was established in 2017 with an exclusive focus on the U.S. market, reflecting an internal assessment that institutional participation in digital assets would primarily consolidate within the American financial system. Based on this assumption, the company pursued federal regulation by applying for and obtaining a national trust bank charter, rather than operating under state-level trust licenses or broker-dealer registrations. He described this regulatory structure as a determining factor in how institutional clients evaluate custody providers.

During the interview, McCauley explained the legal distinction between national trust banks and other custody models, particularly regarding asset segregation. He noted that assets held by a federally chartered national trust bank are legally separated from the bank’s corporate balance sheet. Under this structure, client assets are not included in the bank’s bankruptcy estate in the event of insolvency, a characteristic he identified as relevant for institutional custody arrangements.

McCauley also addressed regulatory and operational challenges faced by Anchorage following the issuance of its federal charter, including a consent order and disruptions in banking relationships. He indicated that these developments did not alter the company’s regulatory posture and stated that Anchorage continued operating under its existing compliance framework. He further clarified that public reports suggesting an investigation by the U.S. Department of Homeland Security were inaccurate, stating that no such investigation was underway.

Regarding custody infrastructure, McCauley described Anchorage’s technical approach as one designed to meet regulatory custody requirements while maintaining direct client authorization over asset movements. According to his explanation, asset transfers require client-side biometric authentication and multi-party approval, preventing unilateral action by the custodian and aligning operational control with legal ownership.

In discussing broader industry trends, McCauley identified Bitcoin, stablecoins, and tokenization as areas increasingly relevant to traditional financial institutions. He referenced stablecoins backed by assets such as U.S. Treasuries as an alternative reserve structure to bank deposits and described tokenization as an extension of existing settlement and custody systems into blockchain-based environments. He also noted that increased engagement by public institutions with digital assets could influence how crypto-related financial infrastructure develops within the United States. ^[14]