The U.S. Office of the Comptroller of the Currency (OCC) released a report documenting debanking efforts, identifying digital assets as one of several sectors where banks have restricted financial services. The report noted that certain banks maintained "public and nonpublic policies" limiting services across multiple industries, including oil and gas, tobacco, firearms, and digital assets.
According to the OCC, the report was prepared in response to an August 2025 executive order from President Donald Trump directing action against what he characterized as "unlawful debanking." The agency stated that "many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations."
The 47-page report did not provide specific examples of debanking affecting digital asset companies. The OCC acknowledged being "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions" based on its review of nine major banks.
Jonathan Gould, the agency's head, emphasized findings related to debanking in other sectors. He noted that banks' decisions to restrict services for coal-related businesses "were not based on financial risk" but instead cited concerns about negative publicity, public protests, and reputational consequences.
The Trump administration's executive order followed industry claims that financial institutions had been pressured to sever relationships with crypto firms. In November 2024, more than 30 technology and crypto executives reported being denied banking services, with some in the industry referencing the episode as "Operation Chokepoint 2.0," comparing it to an earlier Obama-era initiative targeting fraud and money laundering.
