Key facts
- Banks restricted services for digital assets, oil, gas, and firearms, per OCC report.
- OCC report found policies discouraging financial services for crypto sector between 2020-2025.
- Nine major banks were reviewed; extent of debanking actions could not be quantified.
- OCC report did not provide specific examples of crypto-related debanking.
- Senator Cynthia Lummis stated that industry should not be targeted for banking access.
The US Office of the Comptroller of the Currency (OCC) has released a report indicating that banks have implemented policies restricting services for various industries, including digital assets. The report, issued on Wednesday, October 14, 2026, stated that these restrictions on crypto issuers, exchanges, and administrators are often attributed to financial crime considerations. This follows an August 2025 executive order from President Donald Trump aimed at preventing "unlawful debanking." In November 2024, over 30 tech and crypto executives reported being denied banking services, a phenomenon unofficially dubbed "Operation Chokepoint 2.0" by some in the industry. However, the OCC's 47-page report did not provide specific examples of debanking related to digital assets and stated it was unable to quantify the full extent of such actions based on a review of nine major banks. OCC head Jonathan Gould emphasized that decisions to restrict services for industries like coal were not based on financial risk but on concerns about negative headlines and reputational consequences.