US Banking Regulator Links Cryptocurrency Activities to Debanking Practices in New Report
A new report from the Office of the Comptroller of the Currency discusses debanking connected to cryptocurrency activities, grouping it with sectors like firearms, oil and gas industries.
A new report from the US Office of the Comptroller of the Currency (OCC) has highlighted debanking practices, identifying connections to digital assets among the activities that prompted banks to impose restrictions on financial services.
According to the report published on Wednesday, the OCC indicated that certain banking institutions have implemented "public and nonpublic policies" that restrict services across multiple industries, encompassing oil and gas, tobacco, firearms and digital assets. The banking regulator stated that this report was issued in compliance with an August 2025 executive order issued by US President Donald Trump aimed at preventing what he characterized as "unlawful debanking."
Many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations.
OCC
Back in November 2024, over 30 executives from the tech and crypto sectors reported being refused access to banking services. A significant portion of the crypto industry informally referred to this effort as "Operation Chokepoint 2.0" in reference to the initiative from the Obama administration designed to combat fraud and money laundering facilitated through banks.
Despite these claims, the 47-page report released on Wednesday did not provide specific examples of debanking connected to digital asset activities. The OCC reported that it had been "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions" following a review of nine major banking institutions, and the agency's leader, Jonathan Gould, primarily emphasized the report's findings regarding debanking linked to coal and firearms industries.
These decisions were not based on financial risk. Instead, banks cited concerns about negative headlines, public protests, and the perceived reputational consequences of supporting the industry.
Jonathan Gould, OCC Head
Trump's 2025 executive order came in response to widespread calls from industry participants regarding allegations -- including those related to "Operation Chokepoint 2.0" -- suggesting that the US government under former President Joe Biden may have exerted influence on financial institutions to sever ties with crypto firms and deny them access to certain services.