OCC Report Shows Debanking Efforts Linked to Crypto Activities

A report by the U.S. banking regulator does not include specific examples of crypto-related debanking, but notes it alongside links to oil, gas, and firearms.

The U.S. banking regulator's report did not include specific examples of crypto-related de-banking, but listed it alongside links to oil, gas and firearms.

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

In a report released Wednesday, the OCC said some banks have "public, non-public policies" that limit services to many industries, including oil and gas, tobacco, firearms and digital assets. According to the banking regulator, the report was in line with an August 2025 executive order from US President Donald Trump to curb what he called "unlawful de-banking".

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

In November 2024, more than 30 tech and cryptocurrency executives claimed they were denied access to banking services. Many in the crypto industry have informally dubbed the effort "Operation Chokepoint 2.0" after an Obama-era initiative to combat fraud and money laundering facilitated by banks.

However, Wednesday's 47-page report did not include specific examples of de-banking related to digital asset activities. The OCC said it was "unable to determine on a comprehensive basis the full extent of the alleged delinquency or acts of delinquency".

"These decisions were not based on financial risk," Gould said, referring to the lack of banking because of the coal connection. "Instead, banks cited concerns about negative headlines, public outcry and perceived reputational consequences of patronizing the industry."

Trump's 2025 executive order follows many calls in the industry over allegations — including "Operation Chokepoint 2.0" — that the US government under former President Joe Biden may have influenced financial institutions to cut off crypto companies from certain services.