- The OCC released a report on debanking, noting that banks restricted services for digital assets and other industries due to reputational concerns.
- The report followed a 2025 executive order from President Trump aimed at preventing what he called “unlawful debanking.”
- The OCC did not provide specific examples of debanking related to digital assets and could not quantify the full extent of the practice.
- More than 30 crypto and tech executives claimed in November 2024 they were denied banking services, with some referring to the effort as “Operation Chokepoint 2.0.”
The US Office of the Comptroller of the Currency (OCC) released a report on Wednesday that examined debanking practices, specifically identifying digital assets among industries where banks imposed service restrictions. The report, issued in response to an August 2025 executive order from President Donald Trump, found that many institutions limited banking for digital asset activities, often citing financial crime considerations. However, the 47-page report did not include specific examples of debanking related to digital assets. The OCC stated it was “unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions” based on its review of nine major banks. The agency’s head, Jonathan Gould, focused largely on debanking tied to coal and firearms, saying, “These decisions were not based on financial risk.” Instead, banks cited concerns about negative headlines and perceived reputational consequences. The report follows years of claims from crypto and tech executives that they were denied banking services, with many dubbing the phenomenon “Operation Chokepoint 2.0.” In November 2024, more than 30 executives alleged they had been cut off from financial services.
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