OCC report links debanking to digital asset ties
The US banking regulator says banks restricted services for crypto issuers, exchanges and administrators, though it could not quantify how widespread the practice was.
Why it matters: The report gives crypto firms official evidence that digital asset ties were among the reasons banks limited services, a central grievance behind the Operation Chokepoint 2.0 claims.
Key points
- The OCC's 47-page report names digital assets alongside oil and gas, tobacco and firearms as industries facing bank restrictions.
- The review covered nine major banks and said the agency could not comprehensively quantify debanking.
- The report follows an August 2025 executive order from President Donald Trump aimed at preventing what he called unlawful debanking.
The banking regulator said some banks held public and nonpublic policies that restricted services for several industries, including oil and gas, tobacco, firearms and crypto.
According to the OCC, many institutions placed restrictions on banking digital asset activities, covering issuers, exchanges and administrators, often citing financial crime concerns. The report was issued in line with an August 2025 executive order from President Donald Trump intended to stop what he called unlawful debanking.
The 47-page report did not give specific examples of debanking linked to digital assets.
Many in the industry unofficially called the effort Operation Chokepoint 2.0, after an Obama-era initiative against fraud and money laundering.
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