OCC report finds debanking efforts tied to crypto activities — SkimNews
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- OCC released a 47-page report finding banks had "public and nonpublic policies" restricting services to digital assets, oil and gas, firearms, and tobacco industries.
- The report was issued per an August 2025 Trump executive order to prevent "unlawful debanking," following industry allegations of "Operation Chokepoint 2.0."
- OCC was "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions" after examining nine major institutions.
- The report notably did not include specific examples of debanking related to digital assets, despite acknowledging restrictions on issuers, exchanges, and administrators "attributed to financial crime considerations."
- OCC head Jonathan Gould centered his remarks on debanking tied to coal and firearms, arguing those "decisions were not based on financial risk" but on fears of "negative headlines, public protests, and the perceived reputational consequences of supporting the industry."
- In November 2024, more than 30 tech and crypto executives claimed they had been denied banking access, prompting the industry label "Operation Chokepoint 2.0" after the Obama-era initiative.
Why it matters: The OCC's inability to quantify crypto debanking despite a presidential mandate leaves crypto firms without the concrete evidence needed to challenge bank policies in court or before regulators. Gould's strongest language — that coal and firearms debanking was driven by reputational fear rather than financial risk — gives industry lawyers their sharpest ammunition yet.
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