OCC report: Debanked for $BTC and double standards 🔍

The US Office of the Comptroller of the Currency on Wednesday released a 47-page report identifying debanking practices that limit financial services across several industries, including digital assets. The report follows an August 2025 executive order from US President Donald Trump directing regulators to address what the administration described as "unlawful debanking."

According to the OCC, certain banks maintained "public and nonpublic policies" restricting services for industries such as oil and gas, tobacco, firearms and digital assets. "Many institutions also placed restrictions on banking digital asset activities, including on issuers, exchanges, or administrators, often attributed to financial crime considerations," the regulator said in the report.

The OCC based its findings on a review of nine major banks but stated it had been "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions." The agency's head, Jonathan Gould, focused largely on claims of debanking tied to coal and firearms. "These decisions were not based on financial risk," Gould said about banks cutting off coal-related clients. "Instead, banks cited concerns about negative headlines, public protests, and the perceived reputational consequences of supporting the industry."

The report did not include specific examples of debanking tied to digital asset activities, despite industry pressure to document such cases. In November 2024, more than 30 tech and crypto executives said they had been denied access to banking services, prompting many in the sector to informally label the pattern "Operation Chokepoint 2.0," a reference to an Obama-era initiative that used banks to combat fraud and money laundering.

The August 2025 executive order followed calls from industry figures who alleged that the US government under former President Joe Biden may have influenced financial institutions to restrict services to crypto firms. Separately, the Federal Reserve is seeking feedback on a proposal that critics have argued could effectively end practices associated with Operation Chokepoint 2.0.