OCC Report Exposes Debanking of Crypto Firms, Oil, and Firearms Industries

The US Office of the Comptroller of the Currency (OCC) released a 47-page report on Wednesday revealing that several major US banks adopted "public and nonpublic policies" restricting financial services for industries including oil and gas, tobacco, firearms, and digital assets. The findings, issued under an August 2025 executive order from President Donald Trump aimed at curbing "unlawful debanking," highlighted how banks limited services for crypto issuers, exchanges, and administrators, often citing financial crime concerns as justification. OCC head Jonathan Gould emphasized that banks frequently based their decisions not on financial risk but on fears of "negative headlines, public protests, and the perceived reputational consequences of supporting the industry."

Despite reviewing nine major banks, the OCC acknowledged it was "unable to quantify on a comprehensive basis the full extent of debanking or alleged debanking actions" related to digital assets. The report notably lacked specific examples of crypto firms being cut off from banking services, even as it documented broader patterns of politically motivated account closures. This omission comes despite mounting evidence of widespread debanking: in November 2024, more than 30 tech and crypto executives publicly claimed they had been denied access to essential banking services, an effort many in the industry unofficially labeled "Operation Chokepoint 2.0" after the Obama-era initiative targeting fraud and money laundering.

The OCC report arrives as critics continue to scrutinize alleged Biden administration pressure on banks, claims which the 2025 executive order was designed to address. Separately, the Federal Reserve is currently seeking feedback on a proposal that some industry observers warn could effectively end the practices described as Operation Chokepoint 2.0. With the OCC report drawing attention to systemic debanking patterns across multiple industries, crypto firms and advocacy groups are likely to intensify calls for legislative and regulatory remedies to ensure equitable access to banking infrastructure for digital asset businesses operating legally in the United States.