The US Office of the Comptroller of the Currency (OCC) has released a report examining debanking practices across the banking system, identifying digital asset activities among the factors that influenced banks to limit financial services. The OCC supervises national banks and federal savings associations, putting the agency in a position to document how those institutions weigh services for politically sensitive industries.

In the report, published Wednesday, the banking regulator said certain banks maintained "public and nonpublic policies" restricting services for a range of industries, including oil and gas, tobacco, firearms, and digital assets. The review was conducted in accordance with an August 2025 executive order from US President Donald Trump aimed at preventing 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," the OCC said. Banking access underpins core operations for crypto businesses, which rely on banks to receive customer deposits and settle fiat payments — a dependence that has made service restrictions a persistent industry concern.

The findings follow claims from more than 30 tech and crypto executives who said in November 2024 that they had been denied access to banking services. Many in the crypto industry unofficially dubbed the alleged effort "Operation Chokepoint 2.0," a reference to 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 related to digital asset activities. Based on a review of nine major banks, the OCC said it had been "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions." OCC head Jonathan Gould focused largely on the report's claims around debanking tied to the coal and firearms sectors.

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

Trump's 2025 executive order followed calls from many in the industry surrounding claims — including those grouped under "Operation Chokepoint 2.0" — that the US government under former President Joe Biden may have influenced financial institutions to cut crypto firms off from certain services.

The full report is available on the OCC's website, giving the public a documented record of the internal policies the agency identified across the banks it reviewed.

Source: Cointelegraph