OCC report finds debanking efforts tied to crypto activities
Quick Look
The US Office of the Comptroller of the Currency released a report stating that banks restricted services to digital asset firms due to reputational concerns, not financial risk, in line with a 2025 Trump executive order targeting 'unlawful debanking.' The report found no quantifiable evidence of widespread debanking in crypto despite industry claims of 'Operation Chokepoint 2.0'.
AI-generated summary
Why It Matters
The OCC report was released in accordance with an August 2025 executive order from President Trump aimed at preventing what he termed 'unlawful debanking.' It follows claims by over 30 tech and crypto executives in November 2024 who said they were denied banking services, with some in the industry unofficially labeling the effort 'Operation Chokepoint 2.0'.
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.
What to Watch
AI outlook — possibilities, not facts
Regulatory scrutiny of banks' service restrictions on crypto firms will increase over the next few months.
Likely · Within months
Open Questions
- Which specific banks were reviewed in the OCC's analysis of nine major banks?
- What criteria did the OCC use to determine that debanking could not be quantified on a comprehensive basis?
- Are there ongoing investigations or planned regulatory actions resulting from this report?
