OCC report finds debanking efforts tied to crypto activities

The US Office of the Comptroller of the Currency (OCC) released a report on debanking efforts, including ties to digital assets as activities that influenced banks to limit financial services.

In a report released Wednesday, the OCC said certain banks had “public and nonpublic policies” restricting services for many industries, including oil and gas, tobacco, firearms and digital assets. According to the banking regulator, the report was in accordance with an August 2025 executive order from US President Donald Trump to prevent what he called “unlawful debanking.”

“Many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations,” said the OCC.

In November 2024, more than 30 tech and crypto executives claimed to have been denied access to banking services. Many in the crypto industry unofficially dubbed the effort as “Operation Chokepoint 2.0” after the Obama-era initiative to fight fraud and money laundering facilitated by banks.

However, Wednesday’s 47-page report did not include specific examples of debanking relating to digital asset activities. The OCC said it had been “unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions” based on a review of nine major banks, and the agency’s head, Jonathan Gould, focused largely on the report’s claims around debanking due to ties to coal and firearms.

“These decisions were not based on financial risk,” said Gould, referencing the debanking due to connections to coal. “Instead, banks cited concerns about negative headlines, public protests, and the perceived reputational consequences of supporting the industry.”

The 2025 executive order from Trump followed calls from many in the industry surrounding claims -- including “Operation Chokepoint 2.0” -- that the US government under former President Joe Biden may have influenced financial institutions into cutting off crypto firms from certain services.